META FINANCIAL GROUP INC, 10-K filed on 12/14/2015
Annual Report
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Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2015
Dec. 09, 2015
Mar. 31, 2015
Document and Entity Information [Abstract]      
Entity Registrant Name META FINANCIAL GROUP INC    
Entity Central Index Key 0000907471    
Current Fiscal Year End Date --09-30    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Accelerated Filer    
Entity Public Float     $ 253.5
Entity Common Stock, Shares Outstanding   8,220,075  
Document Fiscal Year Focus 2015    
Document Fiscal Period Focus FY    
Document Type 10-K    
Amendment Flag false    
Document Period End Date Sep. 30, 2015    
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
ASSETS    
Cash and cash equivalents $ 27,658 $ 29,832
Investment securities available-for-sale 679,504 482,346
Mortgage-backed securities available-for-sale 576,583 657,870
Investment securities held to maturity 279,167 212,899
Mortgage-backed securities held to maturity 66,577 70,034
Loans receivable - net of allowance for loan losses of $6,255 at September 30, 2015 and $5,397 at September 30, 2014 706,255 493,007
Federal Home Loan Bank stock, at cost 24,410 21,245
Accrued interest receivable 13,352 11,222
Insurance receivable 0 269
Premises, furniture, and equipment, net 17,393 16,462
Bank-owned life insurance 45,830 35,469
Foreclosed real estate and repossessed assets 0 15
Goodwill 36,928 0
Intangible assets 33,577 2,588
Prepaid assets 9,360 9,495
Deferred taxes 6,997 6,591
MPS accounts receivable 5,337 3,935
Other assets 777 752
Total assets 2,529,705 2,054,031
LIABILITIES    
Non-interest-bearing checking 1,449,101 1,126,715
Interest-bearing checking 33,320 37,188
Savings deposits 41,720 27,610
Money market deposits 42,222 40,475
Time certificates of deposit 91,171 134,553
Total deposits 1,657,534 1,366,541
Advances from Federal Home Loan Bank 7,000 7,000
Federal funds purchased 540,000 470,000
Securities sold under agreements to repurchase 4,007 10,411
Subordinated debentures 10,310 [1] 10,310
Capital lease 2,143 0
Accrued interest payable 272 318
Contingent liability 331 331
Accrued expenses and other liabilities 36,773 14,318
Total liabilities 2,258,370 1,879,229
STOCKHOLDERS' EQUITY    
Preferred stock, 3,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 and 2014, respectively 0 0
Common stock, $.01 par value; 10,000,000 shares authorized, 8,183,272 and 6,213,979 shares issued, 8,163,022 and 6,169,604 shares outstanding at September 30, 2015 and 2014, respectively 82 62
Additional paid-in capital 170,749 95,079
Retained earnings 98,359 83,797
Accumulated other comprehensive income (loss) 2,455 (3,409)
Treasury stock, 20,250 and 44,375 common shares, at cost, at September 30, 2015 and 2014, respectively (310) (727)
Total stockholders' equity 271,335 [1] 174,802
Total liabilities and stockholders' equity $ 2,529,705 $ 2,054,031
[1] Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio. Those changes became effective for the Company on January 1, 2015, and are being fully phased in through the end of 2021. The capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015.
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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
ASSETS    
Loans receivable, allowance for loan losses $ 6,255 $ 5,397
STOCKHOLDERS' EQUITY    
Preferred stock, shares authorized (in shares) 3,000,000 3,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 8,183,272 6,213,979
Common stock, shares outstanding (in shares) 8,163,022 6,169,604
Treasury stock (in shares) 20,250 44,375
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Interest and dividend income:      
Loans receivable, including fees $ 29,565 $ 19,674 $ 16,151
Mortgage-backed securities 13,979 15,343 11,900
Other investments 18,063 13,643 10,925
Total interest and dividend income 61,607 48,660 38,976
Interest expense:      
Deposits 726 965 1,280
FHLB advances and other borrowings 1,661 1,433 1,674
Total interest expense 2,387 2,398 2,954
Net interest income 59,220 46,262 36,022
Provision for loan losses 1,465 1,150 0
Net interest income after provision for loan losses 57,755 45,112 36,022
Non-interest income:      
Card fees 54,542 48,738 50,790
Bank-owned life insurance income 2,030 1,139 998
Loan fees 2,348 981 868
Deposit fees 593 616 632
Gain (loss) on sale of securities available-for-sale, net (Includes ($1,634), $107, and $2,546 reclassified from accumulated other comprehensive income (loss) for net gains (losses) on available for sale securities for the fiscal years ended September 30, 2015, 2014 and 2013, respectively) (1,634) 107 2,546
Gain (loss) on foreclosed real estate 28 (93) (268)
Other income (loss) 267 250 (63)
Total non-interest income 58,174 51,738 55,503
Non-interest expense:      
Compensation and benefits 46,493 38,155 34,106
Card processing expense 16,508 15,487 15,584
Occupancy and equipment expense 11,399 8,979 8,479
Legal and consulting expense 4,978 4,145 4,048
Data processing expense 1,347 1,316 1,228
Marketing 1,537 1,034 981
Impairment on assets held for sale 0 0 589
Other expense 14,244 9,115 9,388
Total non-interest expense 96,506 78,231 74,403
Income before income tax expense 19,423 18,619 17,122
Income tax expense (benefit) (Includes ($597), $39 and $924 income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) for the fiscal years ended September 30, 2015, 2014 and 2013, respectively) 1,368 2,906 3,704
Net income $ 18,055 $ 15,713 $ 13,418
Earnings per common share:      
Basic (in dollars per share) $ 2.68 $ 2.57 $ 2.40
Diluted (in dollars per share) $ 2.66 $ 2.53 $ 2.38
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CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Non-interest income:      
Net gain (loss) on available for sale securities reclassified from accumulated other comprehensive income (loss) $ (1,634) $ 107 $ 2,546
Income tax expense (benefit) reclassified from accumulated other comprehensive income (loss) $ (597) $ 39 $ 924
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Consolidated Statements of Comprehensive Income (Loss) [Abstract]      
Net income $ 18,055 $ 15,713 $ 13,418
Other comprehensive income (loss):      
Change in net unrealized gain (loss) on securities 7,723 26,790 (44,301)
Losses (gains) realized in net income 1,634 (107) (2,546)
Total available for sale adjustment 9,357 26,683 (46,847)
Deferred income tax effect 3,493 9,807 (18,049)
Total other comprehensive income (loss) 5,864 16,876 (28,798)
Total comprehensive income (loss) $ 23,919 $ 32,589 $ (15,380)
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Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive (Loss), Net of Tax [Member]
Treasury Stock [Member]
Total
Balance at Sep. 30, 2012 $ 56 $ 78,769 $ 60,776 $ 8,513 $ (2,255) $ 145,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cash dividends declared on common stock 0 0 (2,926) 0 0 (2,926)
Issuance of common shares from the sales of equity securities 5 12,713 0 0 0 12,718
Issuance of common shares due to issuance of stock options and restricted stock 0 1,316 0 0 1,232 2,548
Issuance of common shares due to acquisition           0
Stock compensation 0 165 0 0 0 165
Net change in unrealized losses on securities, net of income taxes 0 0 0 (28,798) 0 (28,798)
Net income   0 13,418 0 0 13,418
Balance at Sep. 30, 2013 61 92,963 71,268 (20,285) (1,023) 142,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cash dividends declared on common stock 0 0 (3,184) 0 0 (3,184)
Issuance of common shares from the sales of equity securities 1 (52) 0 0 0 (51)
Issuance of common shares due to issuance of stock options and restricted stock 0 2,080 0 0 296 2,376
Issuance of common shares due to acquisition           0
Stock compensation 0 88 0 0 0 88
Net change in unrealized losses on securities, net of income taxes 0 0 0 16,876 0 16,876
Net income   0 15,713 0 0 15,713
Balance at Sep. 30, 2014 62 95,079 83,797 (3,409) (727) 174,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cash dividends declared on common stock 0 0 (3,493) 0 0 (3,493)
Issuance of common shares from the sales of equity securities 14 50,737 0 0 417 51,168
Issuance of common shares due to issuance of stock options and restricted stock 0 378 0 0 0 378
Issuance of common shares due to acquisition 6 24,297 0 0 0 24,303
Stock compensation 0 258 0 0 0 258
Net change in unrealized losses on securities, net of income taxes 0 0 0 5,864 0 5,864
Net income   0 18,055 0 0 18,055
Balance at Sep. 30, 2015 $ 82 $ 170,749 $ 98,359 $ 2,455 $ (310) $ 271,335 [1]
[1] Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio. Those changes became effective for the Company on January 1, 2015, and are being fully phased in through the end of 2021. The capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015.
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Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Cash dividends declared on common stock (in dollars per share) $ 0.52 $ 0.52 $ 0.52
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:      
Net income $ 18,055 $ 15,713 $ 13,418
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation, amortization and accretion, net 28,882 18,147 21,104
Provision (recovery) for loan losses 1,465 1,150 0
Provision (recovery) for deferred taxes (3,896) (1,755) (395)
(Gain) loss on other assets 6 (43) 309
(Gain) loss on foreclosed real estate (28) 93 268
(Gain) loss on sale of securities available-for-sale, net 1,634 (107) (2,546)
Capital lease obligations interest expense 131 0 0
Net change in accrued interest receivable (2,130) (2,640) (1,872)
Impairment on assets held for sale 0 0 589
Change in bank-owned life insurance value (1,225) (1,639) (998)
Net change in other assets (672) (807) (9,876)
Net change in accrued interest payable (46) 27 114
Net change in accrued expenses and other liabilities 6,780 (2,326) (43,183)
Net cash provided by (used in) operating activities 48,956 25,813 (23,068)
Cash flows from investing activities:      
Purchase of securities available-for-sale (810,624) (491,416) (505,863)
Proceeds from sales of securities available-for-sale 566,371 166,804 209,172
Proceeds from maturities and principal repayments of securities available-for-sale 124,558 81,754 187,245
Purchase of securities held to maturity (72,759) (15,117) (8,946)
Proceeds from maturities and principal repayments of securities held to maturity 9,879 16,802 3,837
Purchase of bank-owned life insurance (10,000) (500) (18,000)
Proceeds from bank-owned life insurance death benefit 864 0 0
Loans purchased 0 (343) (4,699)
Loans sold (5,462) (11,747) (19,922)
Net change in loans receivable (135,187) (101,639) (28,826)
Proceeds from sales of foreclosed real estate 86 8 478
Cash paid for acquisitions (125,314) 0 0
Cash received upon acquisitions 9,768 0 0
Federal Home Loan Bank stock purchases (544,324) (445,971) (414,833)
Federal Home Loan Bank stock redemptions 541,160 434,720 406,959
Proceeds from the sale of premises and equipment 2,100 1,178 0
Purchase of premises and equipment (5,031) (2,329) (5,262)
Net cash provided by (used in) investing activities (453,915) (367,796) (198,660)
Cash flows from financing activities:      
Net change in checking, savings, and money market deposits 334,375 48,304 (96,954)
Net change in time deposits (43,382) 2,954 32,443
Repayment of FHLB and other borrowings 0 0 (4,000)
Net change in federal funds 70,000 280,000 190,000
Net change in securities sold under agreements to repurchase (6,404) 1,265 (17,254)
Principal payments on capital lease obligations (116) 0 0
Cash dividends paid (3,493) (3,184) (2,926)
Stock compensation 258 88 165
Proceeds from issuance of common stock 51,547 2,325 15,266
Net cash provided by (used in) financing activities 402,785 331,752 116,740
Net change in cash and cash equivalents (2,174) (10,231) (104,988)
Cash and cash equivalents at beginning of year 29,832 40,063 145,051
Cash and cash equivalents at end of year 27,658 29,832 40,063
Cash paid during the year for:      
Interest 2,433 2,371 2,840
Income taxes 5,277 4,451 3,761
Franchise taxes 98 109 70
Other taxes 48 0 0
Supplemental disclosure of non-cash investing and financing activities:      
Common stock issued for acquisition (24,303) 0 0
Capital lease obligation (2,259) 0 0
Securities transferred from available-for-sale to held to maturity 310 0 282,195
Purchase of available-for-sale securities accrued, not paid (7,877) 0 0
Purchase of held-to-maturity securities accrued, not paid (3,000) 0 0
Loans transferred to foreclosed real estate $ 54 $ 0 $ 0
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Sep. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
PRINCIPLES OF CONSOLIDATION
 
The consolidated financial statements include the accounts of Meta Financial Group, Inc. (the “Company”), a unitary savings and loan holding company located in Sioux Falls, South Dakota, and its wholly-owned subsidiaries which include MetaBank (the “Bank”), a federally chartered savings bank whose primary federal regulator is the Office of the Comptroller of the Currency and First Services Financial Limited, which offered noninsured investment products and was dissolved on December 3, 2013.  The Company also owns 100% of First Midwest Financial Capital Trust I (the “Trust”), which was formed in July 2001 for the purpose of issuing trust preferred securities.  The Trust is not included in the consolidated financial statements of the Company.  All significant intercompany balances and transactions have been eliminated.
 
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION
 
The primary source of income relates to payment processing services for prepaid debit cards, ATM sponsorship, tax refund transfer and other money transfer systems and services.  Additionally, a significant source of income for the Company is interest from the purchase or origination of consumer, commercial, agricultural, commercial real estate, and residential real estate loans.  The Company accepts deposits from customers in the normal course of business primarily in northwest and central Iowa, and eastern South Dakota and on a national basis for the MPS division.  The Company operates in the banking industry, which accounts for the majority of its revenues and assets.  The Company uses the “management approach” for reporting information about segments in annual and interim financial statements.  The management approach is based on the way the chief operating decision-maker organizes segments within a company for making operating decisions and assessing performance.  Reportable segments are based on products and services, geography, legal structure, management structure and any other manner in which management disaggregates a company.  Based on the management approach model, the Company has determined that its business is comprised of two reporting segments.
 
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
 
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  Certain significant estimates include the allowance for loan losses, the valuation of intangible assets and the fair values of securities and other financial instruments.  These estimates are reviewed by management regularly; however, they are particularly susceptible to significant changes in the future.
 
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD
 
For purposes of reporting cash flows, cash and cash equivalents is defined to include the Company’s cash on hand and due from financial institutions and short-term interest-bearing deposits in other financial institutions.  The Company reports cash flows net for customer loan transactions, securities purchased under agreement to resell, federal funds purchased, deposit transactions, securities sold under agreements to repurchase, and FHLB advances with terms less than 90 days.  The Bank is required to maintain reserve balances in cash or on deposit with the FRB, based on a percentage of deposits.  The total of those reserve balances was $4.1 million and $8.3 million at September 30, 2015, and 2014, respectively.  The Company at times maintains balances in excess of insured limits at various financial institutions including the FHLB, the FRB and other private institutions.  At September 30, 2015, the Company had no interest-bearing deposits held at the FHLB and $7.2 million in interest-bearing deposits held at the FRB.  At September 30, 2015, the Company had no federal funds sold.  The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent.
 
SECURITIES
 
GAAP require that, at acquisition, an enterprise classify debt securities into one of three categories: Available for Sale (“AFS”), Held to Maturity (“HTM”) or trading. AFS securities are carried at fair value on the consolidated statements of financial condition, and unrealized holding gains and losses are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (loss) (“AOCI”). HTM debt securities are measured at amortized cost. Both AFS and HTM are subject to review for other-than-temporary impairment. Meta Financial has no trading securities.
 
The Company classifies the majority of its securities as AFS.  AFS securities are those the Company may decide to sell if needed for liquidity, asset-liability management or other reasons.  During the 2013 fiscal year, the Company reclassified a portion of its securities portfolio from the AFS to the HTM category.  The reclassification was made to better reflect the revised intentions of the Company to maintain these securities in its portfolio; in response to the potential impact on tangible book value should interest rates rise, due to the mark to market on these bonds; and to mitigate possible negative impacts on its regulatory capital under the proposed Dodd-Frank and Basel III capital guidelines, whereby unrealized losses on AFS securities could become a direct deduction from regulatory capital.  Subsequent to the reclassification and prior to June 30, 2013, the Basel III Accord was finalized and clarified that unrealized losses and gains on securities will not affect regulatory capital for those companies that opt out of the requirement, which the Company has done.
 
Gains and losses on the sale of securities are determined using the specific identification method based on amortized cost and are reflected in results of operations at the time of sale.  Interest and dividend income, adjusted by amortization of purchase premium or discount over the estimated life of the security using the level yield method, is included in income as earned.
 
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which significant assumptions are observable in the market (Level 2 inputs).  The Company considers these valuations supplied by a third-party provider that utilizes several sources for valuing fixed-income securities.  Sources utilized by the third-party provider include pricing models that vary based on asset class and include available trade, bid, and other market information.  This methodology includes broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs.
 
Securities Impairment
 
Management continually monitors the investment securities portfolio for impairment on a security-by-security basis and has a process in place to identify securities that could potentially have a credit impairment that is other-than-temporary.  This process involves the consideration of the length of time and extent to which the fair value has been less than the amortized cost basis, review of available information regarding the financial position of the issuer, monitoring the rating of the security, monitoring changes in value, cash flow projections, and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which, in some cases, may extend to maturity.  To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized.  If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the Company recognizes an other-than-temporary impairment for the difference between amortized cost and fair value.  If the Company does not expect to recover the amortized cost basis, does not plan to sell the security and if it is not more likely than not that the Company would be required to sell the security before the recovery of its amortized cost, the recognition of the other-than-temporary impairment is bifurcated.  For those securities, the Company separates the total impairment into a credit loss component recognized in net income, and the amount of the loss related to other factors is recognized in other comprehensive income, net of taxes.
 
The amount of the credit loss component of a debt security impairment is estimated as the difference between amortized cost and the present value of the expected cash flows of the security.  The present value is determined using the best estimate of cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security.  In fiscal 2015, 2014 and 2013, there was no other-than-temporary impairment recorded.
 
LOANS RECEIVABLE
 
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances reduced by the allowance for loan losses and any deferred fees or costs on originated loans.
 
Interest income on loans is accrued over the term of the loans based upon the amount of principal outstanding except when serious doubt exists as to the collectability of a loan, in which case the accrual of interest is discontinued.  Interest income is subsequently recognized only to the extent that cash payments are received until, in management’s judgment, the borrower has demonstrated a continued ability to make contractual interest and principal payments, in which case the loan is returned to accrual status.
 
Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the interest method.
 
As part of the Company’s ongoing risk management practices, management attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay.  Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance.  Each occurrence is unique to the borrower and is evaluated separately.  In a situation where an economic concession has been granted to a borrower that is experiencing financial difficulty, the Company identifies and reports that loan as a troubled debt restructuring (“TDR”).  Management considers regulatory guidelines when restructuring loans to ensure that prudent lending practices are followed.  As such, qualification criteria and payment terms consider the borrower’s current and prospective ability to comply with the modified terms of the loan.  Additionally, the Company structures loan modifications with the intent of strengthening repayment prospects.
 
The Company considers whether a borrower is experiencing financial difficulties, as well as whether a concession has been granted to a borrower determined to be troubled, when determining whether a modification meets the criteria of being a TDR.  For such purposes, evidence which may indicate that a borrower is troubled includes, among other factors, the borrower’s default on debt, the borrower’s declaration of bankruptcy or preparation for the declaration of bankruptcy, the borrower’s forecast that entity-specific cash flows will be insufficient to service the related debt, or the borrower’s inability to obtain funds from sources other than existing creditors at an effective interest rate equal to the current market interest rate for similar debt for a non-troubled debtor.  If a borrower is determined to be troubled based on such factors or similar evidence, a concession will be deemed to have been granted if a modification of the terms of the debt occurred that management would not otherwise consider.  Such concessions may include, among other modifications, a reduction of the stated interest for the remaining original life of the debt, an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risk, a reduction of accrued interest, or a reduction of the face amount or maturity amount of the debt.
 
Loans that are reported as TDRs apply the identical criteria in the determination of whether the loan should be accruing or not accruing.  The event of classifying the loan as a TDR due to a modification of terms may be independent from the determination of accruing interest on a loan.
 
Generally, when a loan becomes delinquent 90 days or more for Retail Bank or 210 days or more for Premium Finance or when the collection of principal or interest becomes doubtful, the Company will place the loan on a non-accrual status and, as a result, previously accrued interest income on the loan is reversed against current income.  The loan will remain on a non-accrual status until the loan becomes current and has demonstrated a sustained period of satisfactory performance.
 
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS
 
The Company, from time to time, sells loan participations, generally without recourse.  Sold loans are not included in the consolidated financial statements.  The Bank generally retains the right to service the sold loans for a fee.  At September 30, 2015 and 2014, the Bank was servicing loans for others with aggregate unpaid principal balances of $22.2 million and $22.6 million, respectively.
 
ALLOWANCE FOR LOAN LOSSES
 
The allowance for loan losses represents management’s estimate of probable loan losses that have been incurred as of the date of the consolidated financial statements.  The allowance for loan losses is increased by a provision for loan losses charged to expense and decreased by charge-offs (net of recoveries).  Estimating the risk of loss and the amount of loss on any loan is necessarily subjective.  Management’s periodic evaluation of the appropriateness of the allowance is based on the Company’s and peer group’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, and current economic conditions.  While management may periodically allocate portions of the allowance for specific problem loan situations, the entire allowance is available for any loan charge-offs that occur.  The allowance consists of specific, general and unallocated components.
 
The specific component relates to impaired loans.  Loans are considered impaired if full principal or interest payments are not probable in accordance with the contractual loan terms.  Often this is associated with a delay or shortfall in payments of 210 days or more for premium finance loans and 90 days or more for other loan categories.  Non-accrual loans and all TDRs are considered impaired.  Impaired loans, or portions thereof, are charged off when deemed uncollectible.  Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate or at the fair value of the collateral if the loan is collateral dependent.  For such loans, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan.
 
The general reserve covers loans not considered impaired and is comprised of both quantitative and qualitative analysis.  A separate general reserve analysis is performed for individual classified non-impaired loans and for non-classified smaller-balance homogeneous loans.  The three main assumptions for the quantitative components for 2015 are historical loss rates, the look back period (“LBP”) and the loss emergence period (“LEP”).
 
·The historical loss experience is determined by portfolio segment and is based on the actual loss history of the Company over the past five years.  For the individual classified loans, historic charge-off rates for the Company’s classified loan population are utilized.

·In prior periods, management utilized a three-year historical loss experience methodology.  A five-year LBP is appropriate to capture a wider range of losses due to historically low levels in recent years and to continue to factor in loss experience resulting from the credit crisis and other factors.

·The LEP is an estimate of the average amount of time from the point the customer incurs a loss to the point the loss is confirmed by the Company.  During management’s most recent periodic evaluation, we studied the LEPs for our loan portfolio utilizing Company charge-off history.  The LEP is only applied to the non-classified homogeneous loan general reserve.

The main assumptions for the quantitative components in 2014 are historical loss rates and other qualitative adjustments.
 
Qualitative adjustment considerations for the general reserve include considerations of changes in lending policies and procedures, changes in national and local economic and business conditions and developments, changes in the nature and volume of the loan portfolio, changes in lending management and staff, trending in past due, classified, nonaccrual, and other loan categories, changes in the Company’s loan review system and oversight, changes in collateral values, credit concentration risk, and the regulatory and legal requirements and environment.
 
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses.  The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
 
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS
 
Real estate properties and repossessed assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less selling costs at the date of foreclosure, establishing a new cost basis.  Any reduction to fair value from the carrying value of the related loan at the time of acquisition is accounted for as a loan loss and charged against the allowance for loan losses.  Valuations are periodically performed by management and valuation allowances are increased through a charge to income for reductions in fair value or increases in estimated selling costs.
 
INCOME TAXES
 
The Company records income tax expense based on the amount of taxes due on its tax return plus deferred taxes computed based on the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, using enacted tax rates.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
 
In accordance with ASC 740, Income Taxes, the Company recognizes a tax position as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur.  The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination.  For tax positions not meeting the more likely than not test, no tax benefit is recorded.  The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
 
PREMISES, FURNITURE AND EQUIPMENT
 
Land is carried at cost.  Buildings, furniture, fixtures, leasehold improvements and equipment are carried at cost, less accumulated depreciation and amortization.  Capital leases, where we are the lessee, are included in premises and equipment at the capitalized amount less accumulated amortization.  We primarily use the straight-line method of depreciation over the estimated useful lives of the assets, which range from 10 to 40 years for buildings, and 2 to 15 years for leasehold improvements, and for furniture, fixtures and equipment. We amortize capitalized leased assets on a straight-line basis over the lives of the respective leases. Assets are reviewed for impairment when events indicate the carrying amount may not be recoverable.
 
TRANSFERS OF FINANCIAL ASSETS
 
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered.  Control over transferred assets is deemed to be surrendered when (1) the assets have been legally isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
 
BANK-OWNED LIFE INSURANCE
 
Bank-owned life insurance represents the cash surrender value of investments in life insurance contracts.  Earnings on the contracts are based on the earnings on the cash surrender value, less mortality costs.
 
EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”)
 
The cost of shares issued to the ESOP, but not yet allocated to participants, are presented in the consolidated statements of financial condition as a reduction of stockholders’ equity.  Compensation expense is recorded based on the market price of the shares as they are committed to be released for allocation to participant accounts.  The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital.  Dividends on allocated ESOP shares are recorded as a reduction of retained earnings.  Dividends on unallocated shares are used to reduce the accrued interest and principal amount of the ESOP’s loan payable to the Company.  At September 30, 2015 and 2014, all shares in the ESOP were allocated.
 
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
 
The Company, in the normal course of business, makes commitments to make loans which are not reflected in the consolidated financial statements.
 
INTANGIBLE ASSETS
 
Intangible assets other than goodwill are amortized over their respective estimated lives. All intangible assets are subject to an impairment test at least annually or more often if conditions indicate a possible impairment.
 
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 
The Company enters into sales of securities under agreements to repurchase with primary dealers only, which provide for the repurchase of the same security.  Securities sold under agreements to repurchase identical securities are collateralized by assets which are held in safekeeping in the name of the Bank or by the dealers who arranged the transaction.  Securities sold under agreements to repurchase are treated as financings, and the obligations to repurchase such securities are reflected as a liability.  The securities underlying the agreements remain in the asset accounts of the Company.
 
REVENUE RECOGNITION
 
Interest revenue from loans and investments is recognized on the accrual basis of accounting as the interest is earned according to the terms of the particular loan or investment.  Income from service and other customer charges is recognized as earned.  Revenue within the MPS division is recognized as services are performed and service charges are earned in accordance with the terms of the various programs.
 
EARNINGS PER COMMON SHARE (“EPS”)
 
Basic EPS is based on the net income divided by the weighted-average number of common shares outstanding during the period.  Allocated ESOP shares are considered outstanding for earnings per common share calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding.  Diluted EPS shows the dilutive effect of additional potential common shares issuable under stock option plans.
 
COMPREHENSIVE INCOME (LOSS)
 
Comprehensive income (loss) consists of net income and other comprehensive income or loss.  Other comprehensive income includes the change in net unrealized gains and losses on securities available for sale, net of reclassification adjustments and tax effects.  Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity.
 
STOCK COMPENSATION
 
Compensation expense for share-based awards is recorded over the vesting period at the fair value of the award at the time of grant.  The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date.  The Company assumes no projected forfeitures on its stock-based compensation, since actual historical forfeiture rates on its stock-based incentive awards have been negligible.
 
NEW ACCOUNTING PRONOUNCEMENTS
 
Accounting Standards Update (“ASU”) No 2015-16 – Business Combinations (Topic 805):  Simplifying the Accounting for Measurement-Period Adjustments
 
This ASU provides guidance regarding recognizing adjustments to provisional goodwill identified during the measurement period in the reporting period in which the adjustment is determined.  Income statement effects, if any, will also need to be recorded in the period in which the adjustment is determined, as if the accounting had been completed at the acquisition date.  This update is in effect for annual and interim periods beginning after December 15, 2015, and the Company does not expect a material impact on the Company’s consolidated financial statements.
 
ASU No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure
 
This ASU provides guidance on when a loan should be derecognized and collateral assets recognized during an in-substance repossession or foreclosure.  The objective of this ASU is to eliminate diversity in practice related to the topic.  The ASU states creditors are considered to have physical possession of residential real estate property when either the creditor obtains title for the property or the borrower transfers all interest in the property through a deed or other legal agreement.  When physical possession occurs, the loan should be derecognized and collateral assets recognized.  This update was effective for annual and interim periods beginning after December 15, 2014, and does not have a material impact on the Company’s consolidated financial statements.
 
ASU No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (Topic 606)
 
This ASU provides guidance on when to recognize revenue from contracts with customers.  The objective of this ASU is to eliminate diversity in practice related to this topic and to develop guidance that would streamline and enhance revenue recognition requirements.  The ASU defines five steps to recognize revenue, including identify the contract with a customer, identify the performance obligations in the contract, determine a transaction price, allocate the transaction price to the performance obligations and then recognize the revenue when or as the entity satisfies a performance obligation.  This update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and the Company is currently assessing the potential impact to the consolidated financial statements.
 
ASU No. 2014-14, Troubled Debt Restructuring by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure
 
This ASU provides guidance on how to account for certain foreclosed government-guaranteed mortgage loans.  The creditor should recognize a separate other receivable in the amount the creditor expects to recover from the guarantor.  This update was effective for annual and interim periods beginning after December 15, 2014, and will not have a material impact on the Company’s consolidated financial statements.
 
ASU No. 2015-01, Income Statement, Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
 
This ASU eliminates the concept of extraordinary items from U.S. GAAP.  The ASU does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence.  This update is effective for annual and interim periods beginning after December 15, 2015, and is not expected to have a material impact on the Company’s consolidated financial statements.
 
ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis
 
This ASU changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities.  This update is effective for annual and interim periods beginning after December 15, 2015, and is not expected to have a material impact on the Company’s consolidated financial statements.
 
v3.3.1.900
ACQUISITIONS
 12 Months Ended
Sep. 30, 2015
ACQUISITIONS [Abstract]  
ACQUISITIONS
NOTE 2.  ACQUISITIONS
 
The Company completed two acquisitions for the fiscal year ended September 30, 2015. The two purchase transactions are detailed below.
 
AFS/IBEX
 
On December 2, 2014, the Company, through its wholly-owned subsidiary, MetaBank, purchased substantially all of the commercial loan portfolio and related assets of AFS/IBEX Financial Services, Inc. (“AFS/IBEX”), an insurance premium finance company based in Dallas, Texas.  Following the acquisition, MetaBank established its AFS/IBEX division, which provides short-term, collateralized financing to facilitate the purchase of insurance for commercial property, casualty, and liability risk through a network of over 1,300 independent insurance agencies throughout the United States.  In addition to its operations at the Bank’s main office, the AFS/IBEX division has two agency offices, one in Dallas, Texas, and one in southern California.
 
Under the terms of the purchase agreement, the aggregate purchase price, which was based upon the December 2, 2014 tangible book value of AFS/IBEX, was approximately $99.3 million, all of which was paid in cash.  The Company acquired assets with approximate fair values of $6.9 million for cash and cash equivalents, $74.1 million net loans receivable, $0.7 million other assets, $8.2 million intangible assets including customer relationships, trademark, and non-compete agreements, and $11.6 million goodwill.  The Company also assumed liabilities of $2.2 million consisting of accrued expenses and other liabilities.  All amounts are at estimated fair market values.
 
The following table represents the approximate fair value of assets acquired and liabilities assumed of AFS/IBEX on the consolidated balance sheet as of December 2, 2014:
 
  
As of December 2, 2014
 
  
(Dollars in Thousands)
 
Fair value of consideration paid
  
Cash
 
$
99,255
 
Total consideration paid
  
99,255
 
     
Fair value of assets acquired
    
Cash and cash equivalents
  
6,947
 
Loans receivable, net
  
74,120
 
Prepaid assets
  
156
 
Furniture and equipment, net
  
449
 
Intangible assets
  
8,213
 
Other assets
  
6
 
Total assets
  
89,891
 
Fair value of liabilities assumed
    
Accrued expenses and other liabilities
  
2,214
 
Total liabilities assumed
  
2,214
 
Fair value of net assets acquired
  
87,677
 
Goodwill resulting from acquisition
 
$
11,578
 

The AFS/IBEX transaction has been accounted for under the acquisition method of accounting.  The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the transaction date.  The Company made significant estimates and exercised judgment in estimating fair values and accounting for such acquired assets and liabilities.
 
The Company recognized goodwill of $11.6 million, which is calculated as the excess of both the consideration exchanged and the liabilities assumed as compared to the fair value of identifiable assets acquired.  Goodwill resulted from expected operational synergies, an enhanced market area, and expanded product lines and is expected to be deductible for tax purposes.  The intangible assets consist primarily of customer relationships that will be amortized over 30 years and will be deductible for tax purposes. See Note 22 to the Consolidated Financial Statements for further information on goodwill.
 
Acquired loans were recorded at fair value based on a discounted cash flow valuation which considered default rates, loss given defaults, and recovery rates, among other things.  No allowance for credit losses was carried over on December 2, 2014.  The Company recorded $7.6 million in revenue and $0.8 million in net income for AFS/IBEX during fiscal 2015.  In addition, the Company incurred transaction costs of approximately $0.6 million in 2015 in connection with the acquisition, which are included in legal and consulting and other expenses on our consolidated statement of operations for the year ended September 30, 2015.
 
This acquisition is not deemed significant to the overall Company’s financial statements.
 
REFUND ADVANTAGE
 
On September 8, 2015, the Company, through its wholly-owned subsidiary, MetaBank, purchased substantially all the assets and related liabilities of Fort Knox Financial Services Corporation and its subsidiary, Tax Product Services LLC (together “Refund Advantage”). Refund Advantage is a provider of integrated tax refund processing services.
 
Under the terms of the purchase agreement, the aggregate purchase price was approximately $50.4 million, of which $26.1 million was paid in cash and $24.3 million was issued in Meta common stock.  The Company acquired assets with approximate fair values of $2.8 million for cash and cash equivalents, $0.5 million other assets, $24.1 million intangible assets including customer relationships, trademark, and non-compete agreements, and $25.4 million goodwill.  The Company also assumed liabilities of $2.5 million consisting of accrued expenses and other liabilities.  All amounts are at estimated fair market values.
 
The following table represents the approximate fair value of assets acquired and liabilities assumed of Refund Advantage on the consolidated balance sheet as of September 8, 2015:

  
As of September 8, 2015
 
  
(Dollars in Thousands)
 
Fair value of consideration paid
  
Cash
 
$
26,060
 
Stock issued
 
$
24,303
 
Total consideration paid
  
50,363
 
     
Fair value of assets acquired
    
Cash and cash equivalents
  
2,821
 
Prepaid assets
  
23
 
Furniture and equipment, net
  
55
 
Intangible assets
  
24,119
 
Other assets
  
457
 
Total assets
  
27,475
 
Fair value of liabilities assumed
    
Accrued expenses and other liabilities
  
2,463
 
Total liabilities assumed
  
2,463
 
Fair value of net assets acquired
  
25,012
 
Goodwill resulting from acquisition
 
$
25,351
 

The Refund Advantage transaction has been accounted for under the acquisition method of accounting.  The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the transaction date.  The Company made significant estimates and exercised judgment in estimating fair values and accounting for such acquired assets and liabilities.
 
The Company recognized goodwill of $25.4 million, which is calculated as the excess of both the consideration exchanged and the liabilities assumed as compared to the fair value of identifiable assets acquired.  Goodwill resulted from expected operational synergies, an enhanced market area, and expanded product lines and is expected to be deductible for tax purposes.  The intangible assets consist primarily of customer relationships that will be amortized over between 12 and 20 years and the Refund Advantage trademark, which will be amortized over 15 years and will be deductible for tax purposes. See Note 22 to the Consolidated Financial Statements for further information on goodwill.
 
We incurred transaction costs of approximately $0.9 million in connection with the acquisition, which are included in legal and consulting and other expenses on our consolidated statement of operations for the year ended September 30, 2015.
 
The following unaudited pro forma summary financial results present the consolidated results of operations as if the acquisition of Refund Advantage had occurred as of October 1, 2013, after the effect of certain adjustments, including amortization of certain identifiable intangible assets, income and expense items not attributable to ongoing operations and related tax effects. The unaudited pro forma condensed consolidated statement of operations does not include any adjustments for any restructuring activities, operating efficiencies or cost savings. The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the Refund Advantage acquisition been made as of October 1, 2013, or of any potential results which may occur in the future.
 
  
September 30,
 
  
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Total income
 
$
142,876
  
$
127,150
 
Net income attributable to common stock
 
$
19,724
  
$
19,087
 
Basic earnings per common share
  
2.51
   
2.64
 
Diluted earnings per common share
  
2.49
   
2.61
 
Basic weighted-average common shares, issued and outstanding
  
7,850,582
   
7,229,536
 
Diluted weighted-average common shares, issued and outstanding
  
7,915,811
   
7,314,669
 
v3.3.1.900
LOANS RECEIVABLE, NET
 12 Months Ended
Sep. 30, 2015
LOANS RECEIVABLE, NET [Abstract]  
LOANS RECEIVABLE, NET
NOTE 3.  LOANS RECEIVABLE, NET
 
Year-end loans receivable were as follows:
 
  
September 30, 2015
  
September 30, 2014
 
  
(Dollars in Thousands)
 
     
1-4 Family Real Estate
 
$
125,021
  
$
116,395
 
Commercial and Multi-Family Real Estate
  
310,199
   
224,302
 
Agricultural Real Estate
  
64,316
   
56,071
 
Consumer
  
33,527
   
29,329
 
Commercial Operating
  
29,893
   
30,846
 
Agricultural Operating
  
43,626
   
42,258
 
Premium Finance
  
106,505
   
-
 
Total Loans Receivable
  
713,087
   
499,201
 
         
Less:
        
Allowance for Loan Losses
  
(6,255
)
  
(5,397
)
Net Deferred Loan Origination Fees
  
(577
)
  
(797
)
Total Loans Receivable, Net
 
$
706,255
  
$
493,007
 

Annual activity in the allowance for loan losses was as follows:
 
Year ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Beginning balance
 
$
5,397
  
$
3,930
  
$
3,971
 
Provision (recovery) for loan losses
  
1,465
   
1,150
   
-
 
Recoveries
  
123
   
367
   
179
 
Charge offs
  
(730
)
  
(50
)
  
(220
)
Ending balance
 
$
6,255
  
$
5,397
  
$
3,930
 

Allowance for Loan Losses and Recorded Investment in loans at September 30, 2015 and 2014 are as follows:
 
  
1-4 Family
Real Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Unallocated
  
Total
 
  
(Dollars in Thousands)
 
Year Ended September 30, 2015
                  
                   
Allowance for loan losses:
                  
Beginning balance
 
$
552
  
$
1,575
  
$
263
  
$
78
  
$
93
  
$
719
  
$
-
  
$
2,117
  
$
5,397
 
Provision (recovery) for loan losses
  
(229
)
  
(180
)
  
(100
)
  
(58
)
  
(68
)
  
3,004
   
464
   
(1,368
)
  
1,465
 
Charge offs
  
(45
)
  
(214
)
  
-
   
-
   
-
   
(186
)
  
(285
)
  
-
   
(730
)
Recoveries
  
-
   
6
   
-
   
-
   
3
   
-
   
114
   
-
   
123
 
Ending balance
 
$
278
  
$
1,187
  
$
163
  
$
20
  
$
28
  
$
3,537
  
$
293
  
$
749
  
$
6,255
 
                                     
Ending balance: individually evaluated for impairment
  
-
   
241
   
-
   
-
   
-
   
3,252
   
-
   
-
   
3,493
 
Ending balance: collectively evaluated for impairment
  
278
   
946
   
163
   
20
   
28
   
285
   
293
   
749
   
2,762
 
Total
 
$
278
  
$
1,187
  
$
163
  
$
20
  
$
28
  
$
3,537
  
$
293
  
$
749
  
$
6,255
 
                                     
Loans:
                                    
Ending balance: individually evaluated for impairment
  
121
   
1,350
   
-
   
-
   
11
   
5,132
   
-
   
-
   
6,614
 
Ending balance: collectively evaluated for impairment
  
124,900
   
308,849
   
64,316
   
33,527
   
29,882
   
38,494
   
106,505
   
-
   
706,473
 
Total
 
$
125,021
  
$
310,199
  
$
64,316
  
$
33,527
  
$
29,893
  
$
43,626
  
$
106,505
  
$
-
  
$
713,087
 
 
  
1-4 Family
Real
Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Unallocated
  
Total
 
  
(Dollars in Thousands)
 
Year Ended September 30, 2014
                  
                   
Allowance for loan losses:
                  
Beginning balance
 
$
333
  
$
1,937
  
$
112
  
$
74
  
$
49
  
$
267
  
$
-
  
$
1,158
  
$
3,930
 
Provision (recovery) for loan losses
  
217
   
(709
)
  
151
   
4
   
26
   
502
   
-
   
959
   
1,150
 
Charge offs
  
-
   
-
   
-
   
-
   
-
   
(50
)
  
-
   
-
   
(50
)
Recoveries
  
2
   
347
   
-
   
-
   
18
   
-
   
-
   
-
   
367
 
Ending balance
 
$
552
  
$
1,575
  
$
263
  
$
78
  
$
93
  
$
719
  
$
-
  
$
2,117
  
$
5,397
 
                                     
                                     
Ending balance: individually evaluated for impairment
  
23
   
350
   
-
   
-
   
-
   
340
   
-
   
-
   
713
 
Ending balance: collectively evaluated for impairment
  
529
   
1,225
   
263
   
78
   
93
   
379
   
-
   
2,117
   
4,684
 
Total
 
$
552
  
$
1,575
  
$
263
  
$
78
  
$
93
  
$
719
  
$
-
  
$
2,117
  
$
5,397
 
                                     
Loans:
                                    
Ending balance: individually evaluated for impairment
  
387
   
5,655
   
-
   
-
   
22
   
340
   
-
   
-
   
6,404
 
Ending balance: collectively evaluated for impairment
  
116,008
   
218,647
   
56,071
   
29,329
   
30,824
   
41,918
   
-
   
-
   
492,797
 
Total
 
$
116,395
  
$
224,302
  
$
56,071
  
$
29,329
  
$
30,846
  
$
42,258
  
$
-
  
$
-
  
$
499,201
 

The asset classification of loans at September 30, 2015, and 2014, are as follows:
 
September 30, 2015
 
1-4 Family
Real Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Total
 
  
(Dollars in Thousands)
 
                 
Pass
 
$
124,775
  
$
307,876
  
$
35,106
  
$
33,527
  
$
29,052
  
$
29,336
  
$
106,505
  
$
666,177
 
Watch
  
212
   
1,419
   
26,703
   
-
   
712
   
1,079
   
-
   
30,125
 
Special Mention
  
10
   
-
   
877
   
-
   
-
   
4,014
   
-
   
4,901
 
Substandard
  
24
   
904
   
1,630
   
-
   
129
   
9,197
   
-
   
11,884
 
Doubtful
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
  
$
125,021
  
$
310,199
  
$
64,316
  
$
33,527
  
$
29,893
  
$
43,626
  
$
106,505
  
$
713,087
 

September 30, 2014
 
1-4 Family
Real Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Total
 
  
(Dollars in Thousands)
 
                 
Pass
 
$
115,700
  
$
222,074
  
$
52,364
  
$
29,329
  
$
30,709
  
$
32,261
  
$
-
  
$
482,437
 
Watch
  
369
   
852
   
273
   
-
   
137
   
369
   
-
   
2,000
 
Special Mention
  
81
   
96
   
1,660
   
-
   
-
   
63
   
-
   
1,900
 
Substandard
  
245
   
1,280
   
1,774
   
-
   
-
   
9,565
   
-
   
12,864
 
Doubtful
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
  
$
116,395
  
$
224,302
  
$
56,071
  
$
29,329
  
$
30,846
  
$
42,258
  
$
-
  
$
499,201
 

Federal regulations provide for the classification of loans and other assets such as debt and equity securities considered by our regulator, the Office of the Comptroller of the Currency (the “OCC”), to be of lesser quality as “substandard,” “doubtful” or “loss.”  The loan classification and risk rating definitions are as follows:
 
Pass- A pass asset is of sufficient quality in terms of repayment, collateral and management to preclude a special mention or an adverse rating.
 
Watch- A watch asset is generally a credit performing well under current terms and conditions but with identifiable weakness meriting additional scrutiny and corrective measures.  Watch is not a regulatory classification but can be used to designate assets that are exhibiting one or more weaknesses that deserve management’s attention.  These assets are of better quality than special mention assets.
 
Special Mention- Special mention assets are a credit with potential weaknesses deserving management’s close attention and, if left uncorrected, may result in deterioration of the repayment prospects for the asset.  Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.  Special mention is a temporary status with aggressive credit management required to garner adequate progress and move to watch or higher.
 
The adverse classifications are as follows:
 
Substandard- A substandard asset is inadequately protected by the net worth and/or repayment ability or by a weak collateral position.  Assets so classified will have well-defined weaknesses creating a distinct possibility the Bank will sustain some loss if the weaknesses are not corrected.  Loss potential does not have to exist for an asset to be classified as substandard.
 
Doubtful- A doubtful asset has weaknesses similar to those classified substandard, with the degree of weakness causing the likely loss of some principal in any reasonable collection effort.  Due to pending factors, the asset’s classification as loss is not yet appropriate.
 
Loss- A loss asset is considered uncollectible and of such little value that the asset’s continuance on the Bank’s balance sheet is no longer warranted.  This classification does not necessarily mean an asset has no recovery or salvage value leaving room for future collection efforts.
 
Generally, when a loan becomes delinquent 90 days or more for Retail Bank or 210 days or more for Premium Finance or when the collection of principal or interest becomes doubtful, the Company will place the loan on a non-accrual status and, as a result, previously accrued interest income on the loan is reversed against current income.
 
Past due loans at September 30, 2015 and 2014 are as follows:
 
September 30, 2015
 
30-59 Days
Past Due
  
60-89 Days
Past Due
  
Greater Than
90 Days
  
Total Past
Due
  
Current
  
Non-Accrual
Loans
  
Total Loans
Receivable
 
  
(Dollars in Thousands)
 
               
1-4 Family Real Estate
 
$
142
  
$
-
  
$
-
  
$
142
  
$
124,855
  
$
24
  
$
125,021
 
Commercial and Multi-Family Real Estate
  
-
   
-
   
-
   
-
   
309,295
   
904
   
310,199
 
Agricultural Real Estate
  
-
   
-
   
-
   
-
   
64,316
   
-
   
64,316
 
Consumer
  
152
   
-
   
13
   
165
   
33,362
   
-
   
33,527
 
Commercial Operating
  
-
   
-
   
-
   
-
   
29,893
   
-
   
29,893
 
Agricultural Operating
  
-
   
-
   
-
   
-
   
38,494
   
5,132
   
43,626
 
Premium Finance
  
702
   
362
   
1,728
   
2,792
   
103,713
   
-
   
106,505
 
Total
 
$
996
  
$
362
  
$
1,741
  
$
3,099
  
$
703,928
  
$
6,060
  
$
713,087
 

September 30, 2014
 
30-59 Days
Past Due
  
60-89 Days
Past Due
  
Greater Than
90 Days
  
Total Past
Due
  
Current
  
Non-Accrual
Loans
  
Total Loans
Receivable
 
  
(Dollars in Thousands)
 
               
1-4 Family Real Estate
 
$
111
  
$
37
  
$
-
  
$
148
  
$
115,966
  
$
281
  
$
116,395
 
Commercial and Multi-Family Real Estate
  
-
   
-
   
-
   
-
   
223,990
   
312
   
224,302
 
Agricultural Real Estate
  
-
   
-
   
-
   
-
   
56,071
   
-
   
56,071
 
Consumer
  
2
   
12
   
54
   
68
   
29,261
   
-
   
29,329
 
Commercial Operating
  
-
   
-
   
-
   
-
   
30,846
   
-
   
30,846
 
Agricultural Operating
  
-
   
-
   
-
   
-
   
41,918
   
340
   
42,258
 
Total
 
$
113
  
$
49
  
$
54
  
$
216
  
$
498,052
  
$
933
  
$
499,201
 

When analysis of borrower operating results and financial condition indicates that underlying cash flows of the borrower’s business are not adequate to meet its debt service requirements, the loan is evaluated for impairment.  Often this is associated with a delay or shortfall in payments of 210 days or more for Premium Finance loans and 90 days or more for other loan categories.  As of September 30, 2015, there were no Premium Finance loans greater than 210 days past due.
 
Impaired loans at September 30, 2015 and 2014 are as follows:

  
Recorded
Balance
  
Unpaid Principal
Balance
  
Specific
Allowance
 
September 30, 2015
 
(Dollars in Thousands)
 
       
Loans without a specific valuation allowance
      
1-4 Family Real Estate
 
$
121
  
$
121
  
$
-
 
Commercial and Multi-Family Real Estate
  
446
   
446
   
-
 
Commercial Operating
  
11
   
11
   
-
 
Total
 
$
578
  
$
578
  
$
-
 
Loans with a specific valuation allowance
            
1-4 Family Real Estate
 
$
-
  
$
-
  
$
-
 
Commercial and Multi-Family Real Estate
  
904
   
904
   
241
 
Agricultural Operating
  
5,132
   
5,282
   
3,252
 
Total
 
$
6,036
  
$
6,186
  
$
3,493
 

  
Recorded
Balance
  
Unpaid Principal
Balance
  
Specific
Allowance
 
September 30, 2014
 
(Dollars in Thousands)
 
       
Loans without a specific valuation allowance
      
1-4 Family Real Estate
 
$
142
  
$
142
  
$
-
 
Commercial and Multi-Family Real Estate
  
4,375
   
4,375
   
-
 
Commercial Operating
  
22
   
22
   
-
 
Total
 
$
4,539
  
$
4,539
  
$
-
 
Loans with a specific valuation allowance
            
1-4 Family Real Estate
 
$
245
  
$
245
  
$
23
 
Commercial and Multi-Family Real Estate
  
1,280
   
1,280
   
350
 
Agricultural Operating
  
340
   
340
   
340
 
Total
 
$
1,865
  
$
1,865
  
$
713
 

Cash interest collected on impaired loans was not material during the years ended September 30, 2015 and 2014.
 
The following table provides the average recorded investment in impaired loans for the years ended September 30, 2015 and 2014.
 
  
Year Ended September 30,
 
  
2015
  
2014
 
  
Average
Recorded
Investment
  
Average
Recorded
Investment
 
     
     
1-4 Family Real Estate
 
$
238
  
$
574
 
Commercial and Multi-Family Real Estate
  
2,114
   
6,526
 
Commercial Operating
  
17
   
34
 
Agricultural Operating
  
3,559
   
29
 
Total
 
$
5,928
  
$
7,163
 

For fiscal 2015 and 2014, the Company’s TDRs (which involved forgiving a portion of interest or principal on any loans or making loans at a rate materially less than that of market rates) are included in the table above.
 
No TDRs were recorded during fiscal 2015 or 2014.  Also, no TDRs which had been modified during the 12-month period prior to default had a payment default during fiscal 2015 or 2014.
 
Virtually all of the Company’s originated loans are to Iowa- and South Dakota-based individuals and organizations.  The Company’s purchased loans totaled $8.1 million at September 30, 2015, which were secured by properties located, as a percentage of total loans, as follows:  1% combined in Oregon and North Dakota and less than 1% in Minnesota, North Carolina, South Dakota and Connecticut.
 
The Company originates and purchases commercial real estate loans.  These loans are considered by management to be of somewhat greater risk of not being collected due to the dependency on income production.  The Company’s commercial real estate loans include $51.1 million of loans secured by hotel properties and $99.6 million of multi-family properties at September 30, 2015.  The Company’s commercial real estate loans include $40.7 million of loans secured by hotel properties and $62.3 million of multi-family properties at September 30, 2014.  The remainder of the commercial real estate portfolio is diversified by industry.  The Company’s policy for requiring collateral and guarantees varies with the creditworthiness of each borrower.
 
Non-accruing loans were $6.1 million and $0.9 million at September 30, 2015 and 2014, respectively.  There were $1.7 million and $0.1 million accruing loans delinquent 90 days or more at September 30, 2015 and 2014, respectively.  For the year ended September 30, 2015, gross interest income which would have been recorded had the non-accruing loans been current in accordance with their original terms amounted to approximately $0.9 million, of which none was included in interest income.
 
v3.3.1.900
LOAN SERVICING
 12 Months Ended
Sep. 30, 2015
LOAN SERVICING [Abstract]  
LOAN SERVICING
NOTE 4.  LOAN SERVICING
 
Loans serviced for others are not reported as assets.  The unpaid principal balances of these loans at year-end were as follows:
 
September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Mortgage loan portfolios serviced for Fannie Mae
 
$
5,055
  
$
5,948
  
$
7,361
 
Other
  
17,156
   
16,576
   
9,930
 
  
$
22,211
  
$
22,524
  
$
17,291
 
v3.3.1.900
EARNINGS PER COMMON SHARE
 12 Months Ended
Sep. 30, 2015
EARNINGS PER COMMON SHARE [Abstract]  
EARNINGS PER COMMON SHARE
NOTE 5.  EARNINGS PER COMMON SHARE
 
Basic EPS is based on the net income divided by the weighted-average number of common shares outstanding during the period.  Allocated Employee Stock Ownership Plan (“ESOP”) shares are considered outstanding for EPS calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding.  All ESOP shares were allocated as of September 30, 2015, and September 30, 2014.  Diluted EPS shows the dilutive effect of additional common shares issuable pursuant to stock option agreements.
 
A reconciliation of the net income and common stock share amounts used in the computation of basic and diluted EPS for the fiscal years ended September 30, 2015, 2014 and 2013 is presented below.
 
  
2015
  
2014
  
2013
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
Earnings
      
Net income
 
$
18,055
  
$
15,713
  
$
13,418
 
             
Basic EPS
            
Weighted average common shares outstanding
  
6,730,086
   
6,117,577
   
5,595,733
 
Less weighted average nonvested shares
  
(4,237
)
  
(4,301
)
  
(2,032
)
Weighted average common shares outstanding
  
6,725,849
   
6,113,276
   
5,593,701
 
             
Earnings Per Common Share
            
Basic
 
$
2.68
  
$
2.57
  
$
2.40
 
             
Diluted EPS
            
Weighted average common shares outstanding for basic earnings per common share
  
6,725,849
   
6,113,276
   
5,593,701
 
Add dilutive effect of assumed exercises of stock options, net of tax benefits
  
68,951
   
85,133
   
53,437
 
Weighted average common and dilutive potential common shares outstanding
  
6,794,800
   
6,198,409
   
5,647,138
 
             
Earnings Per Common Share
            
Diluted
 
$
2.66
  
$
2.53
  
$
2.38
 

Stock options totaling 28,891, 29,984 and 88,828 were not considered in computing diluted earnings per common share for the years ended September 30, 2015, 2014 and 2013, respectively, because they were anti-dilutive.
v3.3.1.900
SECURITIES
 12 Months Ended
Sep. 30, 2015
SECURITIES [Abstract]  
SECURITIES
NOTE 6.  SECURITIES
 
Securities available for sale were as follows:
 
Available For Sale
 
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2015
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Trust preferred and corporate securities
 
$
16,199
  
$
8
  
$
(2,263
)
 
$
13,944
 
Small business administration securities
  
54,493
   
1,563
   
-
   
56,056
 
Non-bank qualified obligations of states and political subdivisions
  
603,165
   
7,240
   
(1,815
)
  
608,590
 
Mortgage-backed securities
  
580,165
   
1,283
   
(4,865
)
  
576,583
 
Total debt securities
  
1,254,022
   
10,094
   
(8,943
)
  
1,255,173
 
Common equities and mutual funds
  
639
   
283
   
(8
)
  
914
 
Total available for sale securities
 
$
1,254,661
  
$
10,377
  
$
(8,951
)
 
$
1,256,087
 

  
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2014
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Trust preferred and corporate securities
 
$
48,747
  
$
191
  
$
(2,009
)
 
$
46,929
 
Small business administration securities
  
66,541
   
543
   
(72
)
  
67,012
 
Non-bank qualified obligations of states and political subdivisions
  
368,897
   
2,494
   
(3,811
)
  
367,580
 
Mortgage-backed securities
  
663,690
   
3,519
   
(9,339
)
  
657,870
 
Total debt securities
  
1,147,875
   
6,747
   
(15,231
)
  
1,139,391
 
Common equities and mutual funds
  
539
   
291
   
(5
)
  
825
 
Total available for sale securities
 
$
1,148,414
  
$
7,038
  
$
(15,236
)
 
$
1,140,216
 

Securities held to maturity were as follows:
 
Held to Maturity
 
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2015
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Obligations of states and political subdivisions
 
$
19,540
  
$
60
  
$
(187
)
 
$
19,413
 
Non-bank qualified obligations of states and political subdivisions
  
259,627
   
2,122
   
(419
)
  
261,330
 
Mortgage-backed securities
  
66,577
   
-
   
(473
)
  
66,104
 
Total held to maturity securities
 
$
345,744
  
$
2,182
  
$
(1,079
)
 
$
346,847
 

  
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2014
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Obligations of states and political subdivisions
 
$
19,304
  
$
48
  
$
(372
)
 
$
18,980
 
Non-bank qualified obligations of states and political subdivisions
  
193,595
   
894
   
(2,329
)
  
192,160
 
Mortgage-backed securities
  
70,034
   
-
   
(1,862
)
  
68,172
 
Total held to maturity securities
 
$
282,933
  
$
942
  
$
(4,563
)
 
$
279,312
 

Included in securities available for sale are trust preferred securities as follows:
 
At September 30, 2015
 
  
  
  
 
     
Issuer(1)
 
Amortized Cost
  
Fair Value
  
Unrealized
Gain (Loss)
  
S&P
Credit Rating
 
Moody's
Credit Rating
  
(Dollars in Thousands)
     
  
  
  
  
     
      
Key Corp. Capital I
 
$
4,986
  
$
4,189
  
$
(797
)
 
BB+
 
Baa2
Huntington Capital Trust II SE
  
4,979
   
4,076
   
(903
)
 
BB
 
Baa2
PNC Capital Trust
  
4,965
   
4,402
   
(563
)
 
BBB-
 
Baa1
Total
 
$
14,930
  
$
12,667
  
$
(2,263
)
    
  
 
 
(1)
 Trust preferred securities are single-issuance.  There are no known deferrals, defaults or excess subordination.

At September 30, 2014
 
  
  
  
  
 
Issuer(1)
 
Amortized Cost
  
Fair Value
  
Unrealized
Gain (Loss)
  
S&P
Credit Rating
  
Moody's
Credit Rating
 
  
(Dollars in Thousands)
      
 
  
  
  
      
 
Key Corp. Capital I
 
$
4,985
  
$
4,400
  
$
(585
)
 
BB+
  
Baa3
 
Huntington Capital Trust II SE
  
4,977
   
4,300
   
(677
)
 
BB
  
Baa3
 
PNC Capital Trust
  
4,962
   
4,400
   
(562
)
 
BBB-
  
Baa2
 
Wells Fargo (Corestates Capital) Trust
  
4,444
   
4,400
   
(44
)
 
BBB+
  A3 
Total
 
$
19,368
  
$
17,500
  
$
(1,868
)
        

 
(1)
Trust preferred securities are single-issuance.  There are no known deferrals, defaults or excess subordination.

Management has implemented processes to identify securities that could potentially have a credit impairment that is other-than-temporary.  This process can include, but is not limited to, evaluating the length of time and extent to which the fair value has been less than the amortized cost basis, reviewing available information regarding the financial position of the issuer, interest or dividend payment status, monitoring the rating of the security, monitoring changes in value, and projecting cash flows.  Management also determines whether the Company intends to sell a security or whether it is more likely than not we will be required to sell the security before the recovery of its amortized cost basis which, in some cases, may extend to maturity.  To the extent we determine that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized.
 
For all securities considered temporarily impaired, the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, which may occur at maturity.  The Company believes collection will occur for all principal and interest due on all investments with amortized cost in excess of fair value and considered only temporarily impaired.
 
Generally accepted accounting principles require that, at acquisition, an enterprise classify debt securities into one of three categories: Available for sale, Held to Maturity or trading. AFS securities are carried at fair value on the consolidated statements of financial condition, and unrealized holding gains and losses are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income.  HTM debt securities are measured at amortized cost. Both AFS and HTM are subject to review for other-than-temporary impairment. Meta Financial has no trading securities.
 
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at September 30, 2015, and 2014, are as follows:
 
Available For Sale
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
 
At September 30, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
-
  
$
-
  
$
12,667
  
$
(2,263
)
 
$
12,667
  
$
(2,263
)
Non-bank qualified obligations of states and political subdivisions
  
97,006
   
(860
)
  
42,583
   
(955
)
  
139,589
   
(1,815
)
Mortgage-backed securities
  
448,988
   
(4,301
)
  
48,079
   
(564
)
  
497,067
   
(4,865
)
Total debt securities
  
545,994
   
(5,161
)
  
103,329
   
(3,782
)
  
649,323
   
(8,943
)
Common equities and mutual funds
  
-
   
-
   
121
   
(8
)
  
121
   
(8
)
Total available for sale securities
 
$
545,994
  
$
(5,161
)
 
$
103,450
  
$
(3,790
)
 
$
649,444
  
$
(8,951
)

  
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2014
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
6,073
  
$
(47
)
 
$
25,359
  
$
(1,962
)
 
$
31,432
  
$
(2,009
)
Small Business Administration securities
  
8,454
   
(72
)
  
-
   
-
   
8,454
   
(72
)
Non-bank qualified obligations of states and political subdivisions
  
27,062
   
(70
)
  
191,146
   
(3,741
)
  
218,208
   
(3,811
)
Mortgage-backed securities
  
238,980
   
(1,248
)
  
234,347
   
(8,091
)
  
473,327
   
(9,339
)
Total debt securities
  
280,569
   
(1,437
)
  
450,852
   
(13,794
)
  
731,421
   
(15,231
)
Common equities and mutual funds
  
123
   
(5
)
  
-
   
-
   
123
   
(5
)
Total available for sale securities
 
$
280,692
  
$
(1,442
)
 
$
450,852
  
$
(13,794
)
 
$
731,544
  
$
(15,236
)

Held To Maturity
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Obligations of states and political subdivisions
 
$
5,528
  
$
(34
)
 
$
7,964
  
$
(153
)
 
$
13,492
  
$
(187
)
Non-bank qualified obligations of states and political subdivisions
  
78,663
   
(365
)
  
4,136
   
(54
)
  
82,799
   
(419
)
Mortgage-backed securities
  
5,509
   
(43
)
  
60,595
   
(430
)
  
66,104
   
(473
)
Total held to maturity securities
 
$
89,700
  
$
(442
)
 
$
72,695
  
$
(637
)
 
$
162,395
  
$
(1,079
)

  
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2014
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Obligations of states and political subdivisions
 
$
1,056
  
$
(2
)
 
$
14,079
  
$
(370
)
 
$
15,135
  
$
(372
)
Non-bank qualified obligations of states and political subdivisions
  
-
   
-
   
147,949
   
(2,329
)
  
147,949
   
(2,329
)
Mortgage-backed securities
  
-
   
-
   
68,172
   
(1,862
)
  
68,172
   
(1,862
)
Total held to maturity securities
 
$
1,056
  
$
(2
)
 
$
230,200
  
$
(4,561
)
 
$
231,256
  
$
(4,563
)

As of September 30, 2015 and 2014, the investment portfolio included securities with current unrealized losses which have existed for longer than one year.  All of these securities are considered to be acceptable credit risks.  Because the declines in fair value were due to changes in market interest rates, not in estimated cash flows, and the Company does not intend to sell these securities (has not made a decision to sell) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may occur at maturity, no other-than-temporary impairment was recorded at September 30, 2015 and 2014.
 
The amortized cost and fair value of debt securities by contractual maturity are shown below.  Certain securities have call features which allow the issuer to call the security prior to maturity.  Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.  The expected maturities of certain Small Business Administration securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.
 
Available For Sale
 
 
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2015
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
-
  
$
-
 
Due after one year through five years
  
1,174
   
1,207
 
Due after five years through ten years
  
370,087
   
376,394
 
Due after ten years
  
302,596
   
300,989
 
   
673,857
   
678,590
 
Mortgage-backed securities
  
580,165
   
576,583
 
Common equities and mutual funds
  
639
   
914
 
Total available for sale securities
 
$
1,254,661
  
$
1,256,087
 

  
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2014
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
2,999
  
$
3,048
 
Due after one year through five years
  
9,922
   
10,079
 
Due after five years through ten years
  
285,413
   
285,698
 
Due after ten years
  
185,851
   
182,696
 
   
484,185
   
481,521
 
Mortgage-backed securities
  
663,690
   
657,870
 
Common equities and mutual funds
  
539
   
825
 
Total available for sale securities
 
$
1,148,414
  
$
1,140,216
 

Held To Maturity
 
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2015
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
95
  
$
96
 
Due after one year through five years
  
8,411
   
8,430
 
Due after five years through ten years
  
140,145
   
140,505
 
Due after ten years
  
130,516
   
131,712
 
   
279,167
   
280,743
 
Mortgage-backed securities
  
66,577
   
66,104
 
Total held to maturity securities
 
$
345,744
  
$
346,847
 

  
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2014
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
347
  
$
348
 
Due after one year through five years
  
4,726
   
4,718
 
Due after five years through ten years
  
91,532
   
89,984
 
Due after ten years
  
116,294
   
116,090
 
   
212,899
   
211,140
 
Mortgage-backed securities
  
70,034
   
68,172
 
Total held to maturity securities
 
$
282,933
  
$
279,312
 

Activities related to the sale of securities available for sale are summarized below.
 
  
2015
  
2014
  
2013
 
September 30,
 
(Dollars in Thousands)
 
       
Proceeds from sales
 
$
566,371
  
$
166,804
  
$
209,172
 
Gross gains on sales
  
2,753
   
2,292
   
2,947
 
Gross losses on sales
  
4,387
   
2,185
   
401
 
v3.3.1.900
PREMISES, FURNITURE, AND EQUIPMENT, NET
 12 Months Ended
Sep. 30, 2015
PREMISES, FURNITURE, AND EQUIPMENT, NET [Abstract]  
PREMISES, FURNITURE, AND EQUIPMENT, NET
NOTE 7.  PREMISES, FURNITURE AND EQUIPMENT, NET
 
Year-end premises and equipment were as follows:
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Land
 
$
1,578
  
$
1,673
 
Buildings
  
10,315
   
12,275
 
Furniture, fixtures, and equipment
  
35,571
   
30,947
 
Capitalized leases
  
2,259
   
-
 
   
49,723
   
44,895
 
Less: accumulated depreciation and amortization
  
(32,330
)
  
(28,433
)
Net book value
 
$
17,393
  
$
16,462
 

Depreciation expense of premises, furniture and equipment included in occupancy and equipment expense was approximately $4.6 million, $3.5 million and $3.3 million for the years ended September 30, 2015, 2014 and 2013, respectively. Amortization expense on capitalized leases was $0.1 million, $0 and $0 and is included in occupancy and equipment expense.
v3.3.1.900
TIME CERTIFICATES OF DEPOSITS
 12 Months Ended
Sep. 30, 2015
TIME CERTIFICATES OF DEPOSITS [Abstract]  
TIME CERTIFICATES OF DEPOSITS
NOTE 8.  TIME CERTIFICATES OF DEPOSITS
 
Time certificates of deposits in denominations of $250,000 or more were approximately $38.5 million and $87.1 million at September 30, 2015, and 2014, respectively.
 
At September 30, 2015, the scheduled maturities of time certificates of deposits were as follows for the years ending:
 
September 30,
  
(Dollars in Thousands)
  
   
2016
 
$
66,964
 
2017
  
13,638
 
2018
  
5,594
 
2019
  
2,787
 
2020
  
2,188
 
Thereafter
  
-
 
Total Certificates
 
$
91,171
 

Under the Dodd-Frank Act, IRA and non-IRA deposit accounts are permanently insured up to $250,000 by the DIF under management of the FDIC.  Previous to the legislation in 2010, the coverage of $250,000 was temporary until December 2013.
v3.3.1.900
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS
 12 Months Ended
Sep. 30, 2015
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS [Abstract]  
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS
NOTE 9.  ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS
 
At September 30, 2015, the Company’s advances from the FHLB had fixed rates ranging from 6.97% to 7.01% with a weighted-average rate of 6.98%.  The scheduled maturities of FHLB advances were as follows for the years ending:
 
September 30,
  
(Dollars in Thousands)
  
   
2016
 
$
-
 
2017
  
-
 
2018
  
-
 
2019
  
5,000
 
2020
  
2,000
 
Thereafter
  
-
 
Total FHLB Advances
 
$
7,000
 

The Company had $540.0 million of overnight federal funds purchased from the FHLB as of September 30, 2015.  At September 30, 2014, the Company’s advances from the FHLB totaled $7.0 million and carried a weighted-average rate of 6.98%.  The Company had $470.0 million in overnight federal funds purchased from the FHLB at September 30, 2014.
 
The Bank has executed blanket pledge agreements whereby the Bank assigns, transfers, and pledges to the FHLB and grants to the FHLB a security interest in all mortgage collateral and securities collateral.  The Bank has the right to use, commingle, and dispose of the collateral it has assigned to the FHLB.  Under the agreement, the Bank must maintain “eligible collateral” that has a “lending value” at least equal to the “required collateral amount,” all as defined by the agreement.
 
At year-end 2015 and 2014, the Bank pledged securities with fair values of approximately $625.2 million and $422.9 million, respectively, against specific FHLB advances.  In addition, qualifying mortgage loans of approximately $106.5 million, and $83.3 million were pledged as collateral at September 30, 2015, and 2014, respectively.
v3.3.1.900
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 12 Months Ended
Sep. 30, 2015
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
NOTE 10.  SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 
Securities sold under agreements to repurchase totaled approximately $4.0 million and $10.4 million at September 30, 2015, and 2014, respectively.
 
An analysis of securities sold under agreements to repurchase follows:

September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Highest month-end balance
 
$
17,400
  
$
33,999
 
Average balance
  
10,883
   
10,137
 
Weighted average interest rate for the year
  
0.52
%
  
0.52
%
Weighted average interest rate at year end
  
0.58
%
  
0.52
%

The Company pledged securities with fair values of approximately $20.6 million at September 30, 2015, as collateral for securities sold under agreements to repurchase.  There were $36.4 million securities pledged as collateral for securities sold under agreements to repurchase at September 30, 2014.
v3.3.1.900
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES
 12 Months Ended
Sep. 30, 2015
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES [Abstract]  
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES
NOTE 11.  SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES
 
Subordinated debentures are due to First Midwest Financial Capital Trust I, a 100%-owned nonconsolidated subsidiary of the Company.  The debentures were issued in 2001 in conjunction with the Trust’s issuance of 10,000 shares of Trust Preferred Securities.  The debentures bear the same interest rate and terms as the trust preferred securities.  The debentures are included on the consolidated balance sheets as liabilities.
 
The Company issued all of the 10,310 authorized shares of trust preferred securities of First Midwest Financial Capital Trust I holding solely subordinated debt securities.  Distributions are paid semi-annually.  Cumulative cash distributions are calculated at a variable rate of London Interbank Offered Rate (“LIBOR”) plus 3.75% (4.28% at September 30, 2015, and 4.08% at September 30, 2014), not to exceed 12.5%.  The Company may, at one or more times, defer interest payments on the capital securities for up to 10 consecutive semi-annual periods, but not beyond July 25, 2031.  At the end of any deferral period, all accumulated and unpaid distributions are required to be paid.  The capital securities are required to be redeemed on July 25, 2031; however, the Company has a semi-annual option to shorten the maturity date.  The redemption price is $1,000 per capital security plus any accrued and unpaid distributions to the date of redemption.
 
Holders of the capital securities have no voting rights, are unsecured and rank junior in priority of payment to all of the Company’s indebtedness and senior to the Company’s common stock.
 
Although the securities issued by the Trust are not included as a component of stockholders’ equity, the securities are treated as capital for regulatory purposes, subject to certain limitations.
v3.3.1.900
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
 12 Months Ended
Sep. 30, 2015
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]  
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
NOTE 12.  EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
 
The Company maintains an Employee Stock Ownership Plan (“ESOP”) for eligible employees who have 1,000 hours of employment with the Bank, have worked one year at the Bank and who have attained age 21.  ESOP expense of $994,000, $703,000 and $694,000 was recorded for the years ended September 30, 2015, 2014 and 2013, respectively.  Contributions of $992,038, $850,406 and $485,548 were made to the ESOP during the years ended September 30, 2015, 2014 and 2013, respectively.
 
Contributions to the ESOP and shares released from suspense are allocated among ESOP participants on the basis of compensation in the year of allocation.  Benefits generally become 100% vested after seven years of credited service.  Prior to the completion of seven years of credited service, a participant who terminates employment for reasons other than death or disability receives a reduced benefit based on the ESOP’s vesting schedule.  Forfeitures are reallocated among remaining participating employees in the same proportion as contributions.  Benefits are payable in the form of stock upon termination of employment.  The Company’s contributions to the ESOP are not fixed, so benefits payable under the ESOP cannot be estimated.
 
For the years ended September 30, 2015, 2014 and 2013, 23,750 shares, 24,125 shares and 17,715 shares with a fair value of $41.77, $35.25 and $37.99 per share, respectively, were released.  Also for the years ended September 30, 2015, 2014 and 2013, allocated shares and total ESOP shares reflect 10,294 shares, 10,643 shares and 45,225 shares, respectively, withdrawn from the ESOP by participants who are no longer with the Company or by participants diversifying their holdings.  At September 30, 2015, 2014 and 2013, there were 2,974, 2,529 and 3,526 shares purchased, respectively, for dividend reinvestment.
 
Year-end ESOP shares are as follows:
 
September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Allocated shares
  
256,283
   
239,879
   
223,868
 
Unearned shares
  
-
   
-
   
-
 
Total ESOP shares
  
256,283
   
239,879
   
223,868
 
             
Fair value of unearned shares
 
$
-
  
$
-
  
$
-
 

The Company also has a profit sharing plan covering substantially all full-time employees.  Contribution expense to the profit sharing plan, included in compensation and benefits, for the years ended September 30, 2015, 2014 and 2013 was $1.1 million, $0.9 million and $0.8 million, respectively.
v3.3.1.900
SHARE BASED COMPENSATION PLANS
 12 Months Ended
Sep. 30, 2015
SHARE BASED COMPENSATION PLANS [Abstract]  
SHARE BASED COMPENSATION PLANS
NOTE 13.  SHARE-BASED COMPENSATION PLANS
 
The Company maintains the 2002 Omnibus Incentive Plan, as amended and restated, which, among other things, provides for the awarding of stock options and nonvested (restricted) shares to certain officers and directors of the Company.  Awards are granted by the Compensation Committee of the Board of Directors based on the performance of the award recipients or other relevant factors.
 
The following table shows the effect to income, net of tax benefits, of share-based expense recorded in the years ended September 30, 2015, 2014 and 2013.
 
Year Ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
Total employee stock-based compensation expense recognized in income, net of tax effects of $192, $66 and $51, respectively
 
$
334
  
$
120
  
$
103
 

As of September 30, 2015, stock-based compensation expense not yet recognized in income totaled $0.4 million, which is expected to be recognized over a weighted-average remaining period of 1.93 years.
 
At grant date, the fair value of options awarded to recipients is estimated using a Black-Scholes valuation model.  The exercise price of stock options equals the fair market value of the underlying stock at the date of grant.  Options are issued for 10-year periods with 100% vesting generally occurring either at grant date or over a four-year period.  No options were granted during the years ended September 30, 2015, 2014 and 2013.  The intrinsic value of options exercised during the years ended September 30, 2015, 2014 and 2013 were $0.9 million, $1.4 million and $0.8 million, respectively.
 
Shares are granted each year to executives and senior leadership members under the Company incentive plan. These shares vest at various times ranging from immediately to four years based on circumstances at time of grant. The fair value is determined based on the fair market value of the Company’s stock on the grant date.  Director shares are issued to the Company’s directors, and these shares vest immediately.  The total fair value of director’s shares granted during the years ended September 30, 2015, 2014 and 2013 was $0.2 million, $0.1 million and $0.1 million, respectively.
 
In addition to the Company’s 2002 Omnibus Incentive Plan, the Company also maintains the 1995 Stock Option and Incentive Plan.  No new options were, or could have been, awarded under the 1995 plan during the year ended September 30, 2015; however, previously awarded options were exercised under this plan during the year.
 
The following tables show the activity of options and nonvested (restricted) shares granted, exercised or forfeited under all of the Company’s option and incentive plans during the years ended September 30, 2015 and 2014.
 
  
Number
of
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining
Contractual
Term (Yrs)
  
Aggregate
Intrinsic
Value
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
         
Options outstanding, September 30, 2014
  
235,766
  
$
25.20
   
3.78
  
$
2,507
 
Granted
  
-
   
-
   
-
   
-
 
Exercised
  
(46,678
)
  
22.98
   
-
   
925
 
Forfeited or expired
  
-
   
-
   
-
   
-
 
Options outstanding, September 30, 2015
  
189,088
  
$
25.74
   
3.16
  
$
3,027
 
                 
Options exercisable end of year
  
189,088
  
$
25.74
   
3.16
  
$
3,027
 

  
Number
of
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining
Contractual
Term (Yrs)
  
Aggregate
Intrinsic
Value
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
         
Options outstanding, September 30, 2013
  
318,648
  
$
24.44
   
4.18
  
$
4,376
 
Granted
  
-
   
-
   
-
   
-
 
Exercised
  
(82,882
)
  
22.31
   
-
   
1,389
 
Forfeited or expired
  
-
   
-
   
-
   
-
 
Options outstanding, September 30, 2014
  
235,766
  
$
25.20
   
3.78
  
$
2,507
 
                 
Options exercisable end of year
  
235,766
  
$
25.20
   
3.78
  
$
2,507
 

  
Number of
Shares
  
Weighted Average
Fair Value At Grant
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
     
Nonvested shares outstanding, September 30, 2014
  
4,000
  
$
28.61
 
Granted
  
51,217
   
41.10
 
Vested
  
(11,215
)
  
37.81
 
Forfeited or expired
  
-
   
-
 
Nonvested shares outstanding, September 30, 2015
  
44,002
  
$
40.80
 

  
Number of
Shares
  
Weighted Average
Fair Value At Grant
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
     
Nonvested shares outstanding, September 30, 2013
  
4,000
  
$
25.67
 
Granted
  
4,267
   
37.82
 
Vested
  
(4,267
)
  
35.07
 
Forfeited or expired
  
-
   
-
 
Nonvested shares outstanding, September 30, 2014
  
4,000
  
$
28.61
 
v3.3.1.900
INCOME TAXES
 12 Months Ended
Sep. 30, 2015
INCOME TAXES [Abstract]  
INCOME TAXES
NOTE 14.  INCOME TAXES
 
The Company and its subsidiaries file a consolidated federal income tax return on a fiscal year basis. The provision for income taxes consists of:
 
Years ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
Federal:
      
Current
 
$
4,217
  
$
3,787
  
$
2,847
 
Deferred
  
(3,896
)
  
(1,765
)
  
(536
)
   
321
   
2,022
   
2,311
 
             
State:
            
Current
  
1,048
   
874
   
1,252
 
Deferred
  
(1
)
  
10
   
141
 
   
1,047
   
884
   
1,393
 
             
Income tax expense
 
$
1,368
  
$
2,906
  
$
3,704
 

Total income tax expense differs from the statutory federal income tax rate as follows:
 
Years ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Income tax expense at federal tax rate
 
$
6,798
  
$
6,517
  
$
5,993
 
Increase (decrease) resulting from:
            
State income taxes net of federal benefit
  
692
   
575
   
1,092
 
Nontaxable buildup in cash surrender value
  
(711
)
  
(399
)
  
(349
)
Incentive stock option expense
  
(37
)
  
(187
)
  
(97
)
Tax exempt income
  
(5,230
)
  
(3,594
)
  
(2,815
)
Nondeductible expenses
  
188
   
120
   
41
 
Other, net
  
(332
)
  
(126
)
  
(161
)
Total income tax expense (benefit)
 
$
1,368
  
$
2,906
  
$
3,704
 

The components of the net deferred tax asset (liability) at September 30, 2015 and 2014 are:
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
Deferred tax assets:
    
Bad debts
 
$
2,286
  
$
1,955
 
Deferred compensation
  
1,040
   
708
 
Stock based compensation
  
235
   
271
 
Operational reserve
  
453
   
464
 
AMT Credit
  
4,490
   
2,239
 
Intangibles
  
573
     
Net unrealized losses on securities available for sale
  
-
   
2,969
 
Indirect tax benefits of unrecognized tax positions
  
384
   
376
 
Other assets
  
1,293
   
759
 
   
10,754
   
9,741
 
         
Deferred tax liabilities:
        
FHLB stock dividend
  
(414
)
  
(410
)
Premises and equipment
  
(1,222
)
  
(1,060
)
Patents
  
(967
)
  
(937
)
Prepaid expenses
  
(633
)
  
(743
)
Net unrealized gains on securities available for sale
  
(521
)
  
-
 
Deferred loan fees
  
-
   
-
 
   
(3,757
)
  
(3,150
)
         
Net deferred tax assets (liabilities)
 
$
6,997
  
$
6,591
 

As of September 30, 2015 and 2014, the Company had a gross deferred tax asset of $829,000 and $780,000, respectively, for separate company state cumulative net operating loss carryforwards, which was fully reserved for as the Company does not anticipate any state taxable income at the holding company level in future periods.
 
Finally, management believes that the realization of its deferred tax assets is more likely than not based on the expectations as to future taxable income; therefore, there was no deferred tax valuation allowance at September 30, 2015, and 2014 with the exception of the state cumulative net operating loss carryforwards discussed above.
 
Federal income tax laws provided savings banks with additional bad debt deductions through September 30, 1987, totaling $6.7 million for the Bank.  Accounting standards do not require a deferred tax liability to be recorded on this amount, which liability otherwise would total approximately $2.3 million at September 30, 2015 and 2014.  If the Bank were to be liquidated or otherwise cease to be a bank, or if tax laws were to change, the $2.3 million would be recorded as expense.
 
The provisions of ASC 740, Income Taxes, address the determination of how tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements.  Under ASC 740, the Company recognizes the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination, with a tax examination being presumed to occur, including the resolution of any related appeals or litigation.  The tax benefits recognized in the consolidated financial statements from such a position are measured as the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.
 
The Company’s tax reserves reflect management’s judgment as to the resolution of the issues involved if subject to judicial review.  While the Company believes that its reserves are adequate to cover reasonably expected tax risks, there can be no assurance that, in all instances, an issue raised by a tax authority will be resolved at a financial cost that does not exceed its related reserve.  With respect to these reserves, the Company’s income tax expense would include (i) any changes in tax reserves arising from material changes during the period in the facts and circumstances surrounding a tax issue, and (ii) any difference from the Company’s tax position as recorded in the consolidated financial statements and the final resolution of a tax issue during the period
 
The tax years ended September 30, 2012 and later remain subject to examination by the Internal Revenue Service.  For state purposes, the tax years ended September 30, 2012 and later remain open for examination, with few exceptions.  A federal income tax review for fiscal year ended September 30, 2012, was completed in the current fiscal year. The review resulted in no changes being made.
 
A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended September 30, 2015, and 2014 follows:
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Balance at beginning of year
 
$
983
  
$
931
 
Additions for tax positions related to the current year
  
49
   
118
 
Additions for tax positions related to the prior years
  
4
   
-
 
Reductions for tax positions due to settlement with taxing authorities
  
(62
)
  
(16
)
Reductions for tax positions related to prior years
  
-
   
(50
)
Balance at end of year
 
$
974
  
$
983
 
 
The total amount of unrecognized tax benefits that, if recognized, would impact the effective rate was $641,000 as of September 30, 2015.  The Company recognizes interest related to unrecognized tax benefits as a component of income tax expense.  The amount of accrued interest related to unrecognized tax benefits was $155,000 as of September 30, 2015.  The Company does not anticipate any significant change in the total amount of unrecognized tax benefits within the next 12 months.
v3.3.1.900
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS
 12 Months Ended
Sep. 30, 2015
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS [Abstract]  
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS
NOTE 15.  CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS
 
In July 2013, the Company’s primary federal regulator, the Federal Reserve and the Bank’s primary federal regulator, the OCC, approved final rules (the “Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations. The Basel III Capital Rules generally implement the Basel Committee on Banking Supervision’s (the “Basel Committee”) December 2010 final capital framework referred to as “Basel III” for strengthening international capital standards.  The Basel III Capital Rules substantially revise the risk-based capital requirements applicable to financial institution holding companies and their depository institution subsidiaries, including us and the Bank, as compared to the current U.S. general risk-based capital rules. The Basel III Capital Rules revise the definitions and the components of regulatory capital, as well as address other issues affecting the numerator in banking institutions’ regulatory capital ratios.  The Basel III Capital Rules also address asset risk weights and other matters affecting the denominator in banking institutions’ regulatory capital ratios and replace the existing general risk-weighting approach, which was derived from the Basel Committee’s 1988 “Basel I” capital accords, with a more risk-sensitive approach based, in part, on the “standardized approach” in the Basel Committee’s 2004 “Basel II” capital accords. In addition, the Basel III Capital Rules implement certain provisions of the Dodd-Frank Act, including the requirements of Section 939A to remove references to credit ratings from the federal agencies’ rules. The Basel III Capital Rules became effective for us and the Bank on January 1, 2015, subject to phase-in periods for certain of their components and other provisions.
 
Pursuant to the Basel III Capital Rules, our Company and Bank, respectively, are subject to new regulatory capital adequacy requirements promulgated by the Federal Reserve and the OCC. Failure by our Company or Bank to meet minimum capital requirements could result in certain mandatory and discretionary actions by our regulators that could have a material adverse effect on our consolidated financial statements. Prior to January 1, 2015, our Bank was subject to capital requirements under Basel I and there were no capital requirements for our Company. Under the capital requirements and the regulatory framework for prompt corrective action, our Company and Bank must meet specific capital guidelines that involve quantitative measures of our Company’s and Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Our Company’s and Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings and other factors.
 
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total risk-based capital and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and a leverage ratio consisting of Tier 1 capital (as defined) to average assets (as defined).  At September 30, 2015, both the Bank and the Company exceeded federal regulatory minimum capital requirements to be classified as well-capitalized under the prompt corrective action requirements.  The Company and the Bank took the accumulated other comprehensive income (“AOCI”) opt-out election; under the rule, non-advanced approach banking organizations were given a one-time option to exclude certain AOCI components.  The table below includes certain non-GAAP financial measures that are used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies.  Management reviews these measures along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity.
 
  
Company (Actual)
  
Bank (Actual)
  
Minimum
Requirement For
Capital Adequacy
Purposes
  
Minimum Requirement
To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
 
  
Amount
  
Ratio
  
Amount
  
Ratio
  
Amount
  
Ratio
  
Amount
  
Ratio
 
  
(Dollars in Thousands)
 
September 30, 2015
                
                 
Tier 1 (core) capital (to adjusted total assets)
 
$
224,426
   
9.36
%
 
$
213,220
   
8.89
%
 
$
8,977
   
4.00
%
 
$
11,221
   
5.00
%
Common equity Tier 1 (to risk-weighted assets)
  
216,931
   
19.85
   
213,220
   
19.52
   
9,762
   
4.50
   
14,101
   
6.50
 
Tier 1 (core) capital (to risk-weighted assets)
  
224,426
   
20.54
   
213,220
   
19.52
   
13,466
   
6.00
   
17,954
   
8.00
 
Total qualifying capital (to risk-weighted assets)
  
230,820
   
21.12
   
219,614
   
20.11
   
18,466
   
8.00
   
23,082
   
10.00
 
                                 
September 30, 2014
                                
                                 
Tangible capital (to tangible assets)
 
$
176,388
   
8.60
%
 
$
176,388
   
8.60
%
 
$
30,771
   
1.50
%
 
$
n/
a
  
n/a
%
Tier 1 (core) capital (to adjusted total assets)
  
176,388
   
8.60
   
176,388
   
8.60
   
82,057
   
4.00
   
102,571
   
5.00
 
Tier 1 (core) capital (to risk-weighted assets)
  
176,388
   
20.95
   
176,388
   
20.95
   
33,672
   
4.00
   
50,508
   
6.00
 
Total risk based capital (to risk-weighted assets)
  
181,786
   
21.59
   
181,786
   
21.59
   
67,344
   
8.00
   
84,180
   
10.00
 

The following table provides a reconciliation of the amounts included in the table above for the Company.
 
  
Standardized Approach (1)
September 30, 2015
 
  
(Dollars in Thousands)
 
   
Total equity
 
$
271,335
 
Adjustments:
    
LESS: Goodwill, net of associated deferred tax liabilities
  
36,642
 
LESS: Certain other intangible assets
  
13,431
 
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards
  
1,876
 
LESS: Net unrealized gains (losses) on available-for-sale securities
  
2,455
 
Common Equity Tier 1 (1)
  
216,931
 
Long-term debt and other instruments qualifying as Tier 1
  
10,310
 
LESS: Additional tier 1 capital deductions
  
2,815
 
Total Tier 1 capital
  
224,426
 
Allowance for loan losses
  
6,394
 
Total qualifying capital
  
230,820
 

(1)Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio.  Those changes became effective for the Company on January 1, 2015, and are being fully phased in through the end of 2021.  The capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015.

Beginning January 1, 2016, Basel III implements a requirement for all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer will be exclusively composed of Common Equity Tier 1 capital, and it applies to each of the three risk-based capital ratios but not the leverage ratio. On January 1, 2016, our Company and Bank will be expected to comply with the capital conservation buffer requirement, which will increase the three risk-based capital ratios by 0.625% each year through 2019, at which point the Common Equity Tier 1 risk-based, Tier 1 risk-based and total risk-based capital ratios will be 7.0%, 8.5% and 10.5%, respectively.
 
v3.3.1.900
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Sep. 30, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 16.  COMMITMENTS AND CONTINGENCIES
 
In the normal course of business, the Bank makes various commitments to extend credit which are not reflected in the accompanying consolidated financial statements.
 
At September 30, 2015 and 2014, unfunded loan commitments approximated $158.3 million and $96.0 million, respectively, excluding undisbursed portions of loans in process.  Unfunded loan commitments at September 30, 2015 and 2014 were principally for variable rate loans.  Commitments, which are disbursed subject to certain limitations, extend over various periods of time.  Generally, unused commitments are cancelled upon expiration of the commitment term as outlined in each individual contract.
 
At September 30, 2015, the Company had two commitments to purchase securities available for sale totaling $7.9 million and three commitments to purchase securities held to maturity totaling $3.0 million.  The Company had no commitments to purchase securities at September 30, 2014.
 
The exposure to credit loss in the event of non-performance by other parties to financial instruments for commitments to extend credit is represented by the contractual amount of those instruments.  The same credit policies and collateral requirements are used in making commitments and conditional obligations as are used for on-balance-sheet instruments.
 
Since certain commitments to make loans and to fund lines of credit expire without being used, the amount does not necessarily represent future cash commitments.  In addition, commitments used to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract.
 
Securities with fair values of approximately $5.8 million at September 30, 2015 and 2014 were pledged as collateral for public funds on deposit.  Securities with fair values of approximately $0 and $7.4 million at September 30, 2015, and 2014, respectively, were pledged as collateral for individual, trust and estate deposits.
 
Legal Proceedings
 
The Bank has been named as a defendant, along with other defendants, in four class action litigations commenced in three different federal district courts between October 23, 2015 and November 5, 2015: (1) Fuentes, et al. v. UniRush LLC, et al. (S.D.N.Y. Case No. 1:15-cv-08372); (2) Huff et al. v. UniRush, LLC et al. (E.D. Cal. Case No. 2:15-cv-02253-KJM-CMK); (3) Peterkin v. UniRush LLC, et al. (S.D.N.Y. Case No. 1:15-cv-08573); and (4) Jones v. UniRush, LLC et al. (E.D. Pa. Case No. 5:15-cv-05996-JLS). The complaints in each of these actions seek monetary damages for the alleged inability of customers of the prepaid card product RushCard to access the product for up to two weeks starting on or about October 12, 2015. The plaintiffs allege claims for breach of contract, fraud, misrepresentation, negligence, unjust enrichment, conversion, and breach of fiduciary duty and violations of various state consumer protection statutes prohibiting unfair or deceptive acts or trade/business practices. Due to the recent filing of the complaints, the Company is evaluating the cases and has not yet filed an answer. In addition, the OCC and the CFPB are examining the events surrounding the allegations with respect to the Company and the other defendants, respectively. The OCC has broad supervisory powers with respect to the Bank and could seek to initiate supervisory action if it believes such action is warranted. Because these cases were recently filed and are in their early stages and because of the many questions of fact and law that may arise, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for these actions because, among other things, our potential liability depends on whether a class is certified and, if so, the composition and size of any such class, as well as on an assessment of the appropriate measure of damages if we were to be found liable. Accordingly, we have not recognized any liability associated with these actions.
 
The Bank was served on April 15, 2013, with a lawsuit captioned Inter National Bank v. NetSpend Corporation, MetaBank, BDO USA, LLP d/b/a BDO Seidman, Cause No. C-2084-12-I filed in the District Court of Hidalgo County, Texas. The Plaintiff’s Second Amended Original Petition and Application for Temporary Restraining Order and Temporary Injunction adds both MetaBank and BDO Seidman to the original causes of action against NetSpend. NetSpend acts as a prepaid card program manager and processor for both INB and MetaBank. According to the Petition, NetSpend has informed Inter National Bank (“INB”) that the depository accounts at INB for the NetSpend program supposedly contained $10.5 million less than they should. INB alleges that NetSpend has breached its fiduciary duty by making affirmative misrepresentations to INB about the safety and stability of the program, and by failing to timely disclose the nature and extent of any alleged shortfall in settlement of funds related to cardholder activity and the nature and extent of NetSpend’s systemic deficiencies in its accounting and settlement processing procedures. To the extent that an accounting reveals that there is an actual shortfall, INB alleges that MetaBank may be liable for portions or all of said sum due to the fact that funds have been transferred from INB to MetaBank, and thus MetaBank would have been unjustly enriched. The Bank is vigorously contesting this matter. In January 2014, NetSpend was granted summary judgment in this matter which is under appeal. Because the theory of liability against both NetSpend and the Bank is the same, the Bank views the NetSpend summary judgment as a positive in support of our position.  An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation because discovery is still being conducted.
 
Certain corporate clients of an unrelated company named Springbok Services, Inc. (“Springbok”) requested through counsel a mediation as a means of reaching a settlement in lieu of commencing litigation against MetaBank. The results of that mediation have not led to a settlement. These claimants purchased MetaBank prepaid reward cards from Springbok, prior to Springbok’s bankruptcy. As a result of Springbok’s bankruptcy and cessation of business, some of the rewards cards that had been purchased were never activated or funded. Counsel for these companies have indicated that they are prepared to assert claims totaling approximately $1.5 million against MetaBank based on principal/agency or failure to supervise theories. The Company denies liability with respect to these claims. The Company’s estimate of a range of reasonably possible loss is approximately $0 to $0.3 million.
 
The Bank commenced action against C&B Farms, LLC, Dakota River Farms, LLC, Dakota Grain Farms, LLC, Heather Swenson and Tracy Clement in early July, 2015, in the Third Judicial Circuit Court of the State of South Dakota, seeking to collect upon certain delinquent loans made in connection with the 2014 farming operations of the three identified limited liability companies and the personal guaranties of Swenson and Clement. The three companies and Clement have answered the Complaint and asserted a counterclaim against the Bank and a third-party claim against the Bank’s loan officer. The counterclaim and third-party claim allege that the Bank and its loan officer made certain statements to Clement in early 2015 indicating that the Bank would renew the operating lines and provide financing to the entities for the 2015 growing season. The claimants assert that the Bank abruptly changed course in March, 2015, and ultimately declined to extend new operating lines to the defendants for the 2015 season. The claimants assert that the Bank’s conduct amounted to a fraud and misrepresentation. Additionally, they assert promissory estoppel based on their reliance upon the Bank’s earlier assurances of additional credit from the Bank to their detriment. They assert unspecified damages based on the Bank’s alleged actions, including higher costs of financing from a new lender and, additionally, that they were unable to take advantage of other discount and sale opportunities to their detriment. The Bank intends to vigorously defend the claims.  An estimate of a range of reasonably possible loss cannot be made at this stage of the litigation because discovery is still being conducted.
 
Other than the matters set forth above, there are no other new material pending legal proceedings or updates to which the Company or its subsidiaries is a party other than ordinary litigation routine to their respective businesses.
v3.3.1.900
LEASE COMMITMENTS
 12 Months Ended
Sep. 30, 2015
LEASE COMMITMENTS [Abstract]  
LEASE COMMITMENTS
NOTE 17.  LEASE COMMITMENTS
 
The Company has leased property under various non-cancelable operating lease agreements which expire at various times through 2036, and require annual rentals ranging from $600 to $789,000 plus the payment of the property taxes, normal maintenance, and insurance on certain property. The Company also entered into capital lease agreements during fiscal year ended September 30, 2015, for building and equipment expiring at various times through 2035. Amortization expense for these capital leases was $0.1 million for the fiscal year ended September 30, 2015, and included in noninterest expense.
 
The following table shows the total minimum rental commitment for our operating and capital leases as of September 30, 2015.

  
Year Ended September 30,
 
  
(Dollars in Thousands)
 
     
  
Operating
Leases
  
Capital
Leases
 
2016
 
$
1,708
  
$
252
 
2017
  
1,752
   
201
 
2018
  
1,464
   
179
 
2019
  
1,394
   
179
 
2020
  
1,277
   
182
 
Thereafter
  
12,476
   
2,604
 
Total Leases Commitments
 
$
20,071
  
$
3,597
 
         
Amounts representing interest
     
$
1,454
 
Present value of net minimum lease payments
      
2,143
 
v3.3.1.900
SEGMENT REPORTING
 12 Months Ended
Sep. 30, 2015
SEGMENT REPORTING [Abstract]  
SEGMENT REPORTING
NOTE 18.  SEGMENT REPORTING
 
An operating segment is generally defined as a component of a business for which discrete financial information is available and whose results are reviewed by the chief operating decision-maker. Operating segments are aggregated into reportable segments if certain criteria are met. The Company has determined that it has two reportable segments. The first reportable segment, Retail Banking, a division of the Bank, which includes AFS/IBEX operates as a traditional community bank providing deposit, loan and other related products to individuals and small businesses, primarily in the communities where its offices are located. The second reportable segment, MPS, which includes Refund Advantage is also a division of the Bank.  MPS provides a number of products and services to financial institutions and other businesses.  These products and services include issuance of prepaid debit cards, sponsorship of Automated Teller Machines into the debit networks, credit programs, Automated Clearing House (“ACH”) origination services, gift card programs, rebate programs, travel programs and tax-related programs and services.  Other programs are in the process of development.  The remaining grouping under the caption “All Others” consists of the operations of the Company and inter-segment eliminations as well as specialty lending.
 
Transactions between affiliates, the resulting revenues of which are shown in the intersegment revenue category, are conducted at market prices, meaning prices that would be paid if the companies were not affiliates.
 
  
Retail
Banking
  
Meta Payment
Systems®
  
All Others
  
Total
 
         
Year Ended September 30, 2015
        
Interest income
 
$
33,980
  
$
21,590
  
$
6,037
  
$
61,607
 
Interest expense
  
1,675
   
169
   
543
   
2,387
 
Net interest income (expense)
  
32,305
   
21,421
   
5,494
   
59,220
 
Provision (recovery) for loan losses
  
1,000
   
-
   
465
   
1,465
 
Non-interest income
  
2,243
   
54,417
   
1,514
   
58,174
 
Non-interest expense
  
23,780
   
66,415
   
6,311
   
96,506
 
Income (loss) before income tax expense (benefit)
  
9,768
   
9,423
   
232
   
19,423
 
Income tax expense (benefit)
  
688
   
663
   
17
   
1,368
 
Net income (loss)
 
$
9,080
  
$
8,760
  
$
215
  
$
18,055
 
                 
Inter-segment revenue (expense)
 
$
(16,547
)
 
$
16,547
  
$
-
  
$
-
 
Total assets
  
840,177
   
1,579,856
   
109,672
   
2,529,705
 
Total deposits
  
242,580
   
1,424,304
   
(9,350
)
  
1,657,534
 

  
Retail
Banking
  
Meta Payment
Systems®
  
All Others
  
Total
 
         
Year Ended September 30, 2014
        
Interest income
 
$
31,635
  
$
17,025
  
$
-
  
$
48,660
 
Interest expense
  
1,926
   
124
   
348
   
2,398
 
Net interest income (expense)
  
29,709
   
16,901
   
(348
)
  
46,262
 
Provision (recovery) for loan losses
  
1,150
   
-
   
-
   
1,150
 
Non-interest income
  
3,214
   
48,524
   
-
   
51,738
 
Non-interest expense
  
21,227
   
56,234
   
770
   
78,231
 
Income (loss) before income tax expense (benefit)
  
10,546
   
9,191
   
(1,118
)
  
18,619
 
Income tax expense (benefit)
  
1,846
   
1,482
   
(422
)
  
2,906
 
Net income (loss)
 
$
8,700
  
$
7,709
  
$
(696
)
 
$
15,713
 
                 
Inter-segment revenue (expense)
 
$
12,793
  
$
(12,793
)
 
$
-
  
$
-
 
Total assets
  
805,494
   
1,245,110
   
3,427
   
2,054,031
 
Total deposits
  
273,399
   
1,099,548
   
(6,406
)
  
1,366,541
 
 
 
Retail
Banking
  
Meta Payment
Systems®
  
All Others
  
Total
 
         
Year Ended September 30, 2014
        
Interest income
 
$
24,169
  
$
14,807
  
$
-
  
$
38,976
 
Interest expense
  
2,361
   
124
   
469
   
2,954
 
Net interest income (expense)
  
21,808
   
14,683
   
(469
)
  
36,022
 
Provision (recovery) for loan losses
  
-
   
-
   
-
   
-
 
Non-interest income
  
5,226
   
50,290
   
(13
)  
55,503
 
Non-interest expense
  
19,479
   
53,983
   
941
   
74,403
 
Income (loss) before income tax expense (benefit)
  
7,555
   
10,990
   
(1,423
)
  
17,122
 
Income tax expense (benefit)
  
1,615
   
2,611
   
(522
)
  
3,704
 
Net income (loss)
 
$
5,940
  
$
8,379
  
$
(901
)
 
$
13,418
 
                 
Inter-segment revenue (expense)
 
$
12,106
  
$
(12,106
)
 
$
-
  
$
-
 
Total assets
  
487,754
   
1,201,531
   
2,704
   
1,691,989
 
Total deposits
  
260,525
   
1,063,770
   
(9,012
)
  
1,315,283
 
v3.3.1.900
PARENT COMPANY FINANCIAL STATEMENTS
 12 Months Ended
Sep. 30, 2015
PARENT COMPANY FINANCIAL STATEMENTS [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS
NOTE 19.  PARENT COMPANY FINANCIAL STATEMENTS
 
Presented below are condensed financial statements for the parent company, Meta Financial.
 
CONDENSED STATEMENTS OF FINANCIAL CONDITION
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
ASSETS
    
Cash and cash equivalents
 
$
14,280
  
$
9,439
 
Investment in subsidiaries
  
267,623
   
175,568
 
Other assets
  
408
   
393
 
Total assets
 
$
282,311
  
$
185,400
 
         
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
LIABILITIES
        
Subordinated debentures
 
$
10,310
  
$
10,310
 
Other liabilities
  
666
   
288
 
Total liabilities
 
$
10,976
  
$
10,598
 
         
STOCKHOLDERS' EQUITY
        
Common stock
 
$
82
  
$
62
 
Additional paid-in capital
  
170,749
   
95,079
 
Retained earnings
  
98,359
   
83,797
 
Accumulated other comprehensive income (loss)
  
2,455
   
(3,409
)
Treasury stock, at cost
  
(310
)
  
(727
)
Total stockholders' equity
 
$
271,335
  
$
174,802
 
Total liabilities and stockholders' equity
 
$
282,311
  
$
185,400
 

CONDENSED STATEMENTS OF OPERATIONS
 
Years ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
Total other income
 
$
-
  
$
-
  
$
-
 
             
Interest expense
  
418
   
348
   
469
 
Other expense
  
269
   
770
   
941
 
Total expense
  
687
   
1,118
   
1,410
 
             
Gain (loss) before income taxes and equity in undistributed net income of subsidiaries
  
(687
)
  
(1,118
)
  
(1,410
)
             
Income tax benefit
  
(324
)
  
(422
)
  
(509
)
             
Gain (loss) before equity in undistributed net income of subsidiaries
  
(363
)
  
(696
)
  
(901
)
             
Equity in undistributed net income of subsidiaries
  
18,418
   
16,409
   
14,319
 
             
Net income
 
$
18,055
  
$
15,713
  
$
13,418
 
 
CONDENSED STATEMENTS OF CASH FLOWS
 
For the Years Ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
CASH FLOWS FROM OPERATING ACTIVITIES
      
Net income
 
$
18,055
  
$
15,713
  
$
13,418
 
Adjustments to reconcile net income to net cash provided by (used in) operating activites
            
Depreciation, amortization and accretion, net
  
-
   
(310
)
  
-
 
Equity in undistributed net income of subsidiaries
  
(18,418
)
  
(16,409
)
  
(14,319
)
Change in other assets
  
(15
)
  
246
   
54
 
Change in other liabilities
  
378
   
(332
)
  
(339
)
Net cash provided by (used in) operating activities
  
(0
)
  
(1,092
)
  
(1,186
)
             
CASH FLOWS FROM INVESTING ACTIVITES
            
Capital contributions to subsidiaries
  
(67,600
)
  
-
   
(6,000
)
Net cash provided by (used in) investing activites
  
(67,600
)
  
-
   
(6,000
)
             
CASH FLOWS FROM FINANCING ACTIVITIES
            
Cash dividends paid
  
(3,493
)
  
(3,184
)
  
(2,926
)
Stock compensation
  
253
   
4
   
165
 
Proceeds from issuance of common stock
  
75,471
   
(51
)
  
12,718
 
Proceeds from exercise of stock options
  
210
   
2,376
   
2,548
 
Other, net
  
-
   
-
   
(38
)
Net cash provided by (used in) financing activities
  
72,441
   
(855
)
  
12,467
 
             
Net change in cash and cash equivalents
 
$
4,841
  
$
(1,947
)
 
$
5,281
 
             
CASH AND CASH EQUIVALENTS
            
Beginning of year
 
$
9,439
  
$
11,386
  
$
6,105
 
End of year
 
$
14,280
  
$
9,439
  
$
11,386
 

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.
v3.3.1.900
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Sep. 30, 2015
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
NOTE 20.  SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

  
QUARTER ENDED
 
  
December 31
  
March 31
  
June 30
  
September 30
 
  
(Dollars in Thousands)
 
         
Fiscal Year 2015
        
Interest income
 
$
14,232
  
$
15,758
  
$
15,254
  
$
16,363
 
Interest expense
  
661
   
473
   
593
   
660
 
Net interest income
  
13,571
   
15,285
   
14,661
   
15,703
 
Provision (recovery) for loan losses
  
48
   
593
   
700
   
124
 
Net Income (loss)
  
3,595
   
5,181
   
4,640
   
4,639
 
Earnings (loss) per common and common equivalent share
                
Basic
 
$
0.58
  
$
0.79
  
$
0.67
  
$
0.64
 
Diluted
  
0.58
   
0.78
   
0.66
   
0.64
 
Dividend declared per share
  
0.13
   
0.13
   
0.13
   
0.13
 
                 
Fiscal Year 2014
                
Interest income
 
$
11,162
  
$
12,063
  
$
12,566
  
$
12,869
 
Interest expense
  
649
   
544
   
638
   
567
 
Net interest income
  
10,513
   
11,519
   
11,928
   
12,302
 
Provision (recovery) for loan losses
  
-
   
300
   
300
   
550
 
Net Income (loss)
  
4,002
   
4,144
   
4,204
   
3,363
 
Earnings (loss) per common and common equivalent share
                
Basic
 
$
0.66
  
$
0.68
  
$
0.69
  
$
0.54
 
Diluted
  
0.65
   
0.67
   
0.68
   
0.53
 
Dividend declared per share
  
0.13
   
0.13
   
0.13
   
0.13
 
                 
Fiscal Year 2013
                
Interest income
 
$
9,630
  
$
9,718
  
$
9,825
  
$
9,803
 
Interest expense
  
833
   
813
   
666
   
642
 
Net interest income
  
8,797
   
8,905
   
9,159
   
9,161
 
Provision (recovery) for loan losses
  
-
   
(300
)
  
-
   
300
 
Net Income (loss)
  
3,125
   
3,147
   
3,672
   
3,474
 
Earnings (loss) per common and common equivalent share
                
Basic
 
$
0.57
  
$
0.57
  
$
0.67
  
$
0.59
 
Diluted
  
0.57
   
0.57
   
0.66
   
0.58
 
Dividend declared per share
  
0.13
   
0.13
   
0.13
   
0.13
 
v3.3.1.900
FAIR VALUES OF FINANCIAL INSTRUMENTS
 12 Months Ended
Sep. 30, 2015
FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]  
FAIR VALUES OF FINANCIAL INSTRUMENTS
NOTE 21.  FAIR VALUES OF FINANCIAL INSTRUMENTS
 
Accounting Standards Codification (“ASC”) 820, Fair Value Measurements defines fair value, establishes a framework for measuring the fair value of assets and liabilities using a hierarchy system and requires disclosures about fair value measurement.  It clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts.
 
The fair value hierarchy is as follows:
 
Level 1 Inputs – Valuation is based upon quoted prices for identical instruments traded in active markets that the Company has the ability to access at measurement date.
 
Level 2 Inputs – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which significant assumptions are observable in the market.
 
Level 3 Inputs – Valuation is generated from model-based techniques that use significant assumptions not observable in the market and are used only to the extent that observable inputs are not available.  These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability.  Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
 
There were no transfers between levels of the fair value hierarchy for the years ended September 30, 2015 and 2014.
 
Securities Available for Sale and Held to Maturity.  Securities available for sale are recorded at fair value on a recurring basis and securities held to maturity are carried at amortized cost.  Fair value measurement is based upon quoted prices, if available.  If quoted prices are not available, fair values are measured using an independent pricing service.  For both Level 1 and Level 2 securities, management uses various methods and techniques to corroborate prices obtained from the pricing service, including but not limited to reference to dealer or other market quotes, and by reviewing valuations of comparable instruments.  The Company’s Level 1 securities include equity securities and mutual funds.  The Company’s Level 2 securities include U.S. Government agency and instrumentality securities, U.S. Government agency and instrumentality mortgage-backed securities, municipal bonds, corporate debt securities and trust preferred securities.  The Company had no Level 3 securities at September 30, 2015, and had no Level 3 securities at September 30, 2014.
 
The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or valuation based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model‑based valuation techniques for which significant assumptions are observable in the market (Level 2 inputs).  The Company considers these valuations supplied by a third-party provider which utilizes several sources for valuing fixed-income securities.  These sources include Interactive Data Corporation, Reuters, Standard and Poor’s, Bloomberg Financial Markets, Street Software Technology and the third‑party provider’s own matrix and desk pricing.  The Company, no less than annually, reviews the third party’s methods and source’s methodology for reasonableness and to ensure an understanding of inputs utilized in determining fair value.  Sources utilized by the third-party provider include but are not limited to pricing models that vary based on asset class and include available trade, bid, and other market information.  This methodology includes but is not limited to broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs. Monthly, the Company receives and compares prices provided by multiple securities dealers and pricing providers to validate the accuracy and reasonableness of prices received from the third-party provider. On a monthly basis, the Investment Committee reviews mark-to-market changes in the securities portfolio for reasonableness.
 
The following table summarizes the fair values of securities available for sale and held to maturity at September 30, 2015 and 2014.  Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the consolidated statements of financial condition.
 
 
 
Fair Value At September 30, 2015
 
 
 
Available For Sale
  
Held to Maturity
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Level 1
  
Level 2
  
Level 3
 
Debt securities
 
  
  
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
13,944
  
$
-
  
$
13,944
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
 
Small business administration securities
  
56,056
   
-
   
56,056
   
-
   
-
   
-
   
-
   
-
 
Obligations of states and political subdivisions
  
-
   
-
   
-
   
-
   
19,413
   
-
   
19,413
   
-
 
Non-bank qualified obligations of states and political subdivisions
  
608,590
   
-
   
608,590
   
-
   
261,330
   
-
   
261,330
   
-
 
Mortgage-backed securities
  
576,583
   
-
   
576,583
   
-
   
66,104
   
-
   
66,104
   
-
 
Total debt securities
  
1,255,173
   
-
   
1,255,173
   
-
   
346,847
   
-
   
346,847
   
-
 
Common equities and mutual funds
  
914
   
914
   
-
   
-
   
-
   
-
   
-
   
-
 
Total securities
 
$
1,256,087
  
$
914
  
$
1,255,173
  
$
-
  
$
346,847
  
$
-
  
$
346,847
  
$
-
 

  
Fair Value At September 30, 2014
 
  
Available For Sale
  
Held to Maturity
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Level 1
  
Level 2
  
Level 3
 
Debt securities
 
  
  
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
46,929
  
$
-
  
$
46,929
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
 
Small business administration securities
  
67,012
   
-
   
67,012
   
-
   
-
   
-
   
-
   
-
 
Obligations of states and political subdivisions
  
-
   
-
   
-
   
-
   
18,980
   
-
   
18,980
   
-
 
Non-bank qualified obligations of states and political subdivisions
  
367,580
   
-
   
367,580
   
-
   
192,160
   
-
   
192,160
   
-
 
Mortgage-backed securities
  
657,870
   
-
   
657,870
   
-
   
68,172
   
-
   
68,172
   
-
 
Total debt securities
  
1,139,391
   
-
   
1,139,391
   
-
   
279,312
   
-
   
279,312
   
-
 
Common equities and mutual funds
  
825
   
825
   
-
   
-
   
-
   
-
   
-
   
-
 
Total securities
 
$
1,140,216
  
$
825
  
$
1,139,391
  
$
-
  
$
279,312
  
$
-
  
$
279,312
  
$
-
 

Foreclosed Real Estate and Repossessed Assets.  Real estate properties and repossessed assets are initially recorded at the fair value less selling costs at the date of foreclosure, establishing a new cost basis.  The carrying amount represents the lower of the new cost basis or the fair value less selling costs of foreclosed assets that were measured at fair value subsequent to their initial classification as foreclosed assets.
 
Loans.  The Company does not record loans at fair value on a recurring basis.  However, if a loan is considered impaired, an allowance for loan losses is established.  Once a loan is identified as individually impaired, management measures impairment in accordance with ASC 310, Receivables.
 
The following table summarizes the assets of the Company that are measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of September 30, 2015 and 2014.
 
  
Fair Value at September 30, 2015
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Impaired Loans, net
        
Commercial and multi-family real estate loans
 
$
663
  
$
-
  
$
-
  
$
663
 
Agricultural operating loans
  
1,880
   
-
   
-
   
1,880
 
Total
 
$
2,543
  
$
-
  
$
-
  
$
2,543
 

  
Fair Value at September 30, 2014
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Impaired Loans, net
        
One to four family residential mortgage loans
 
$
222
  
$
-
  
$
-
  
$
222
 
Commercial and multi-family real estate loans
  
930
   
-
   
-
   
930
 
Total Impaired Loans
  
1,152
   
-
   
-
   
1,152
 
Foreclosed Assets, net
  
15
   
-
   
-
   
15
 
Total
 
$
1,167
  
$
-
  
$
-
  
$
1,167
 

  
Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)
 
Fair Value at
September 30, 2015
  
Fair Value at
September 30, 2014
 
Valuation
Technique
Unobservable
Input
           
Impaired Loans, net
 
$
2,543
  
$
1,152
 
Market approach
Appraised values (1)
Foreclosed Assets, net
  
-
   
15
 
Market approach
Appraised values (1)

(1)
The Company generally relies on external appraisers to develop this information.  Management reduced the appraised value by estimated selling costs in a range of 4% to 10%.

The following table discloses the Company’s estimated fair value amounts of its financial instruments.  It is management’s belief that the fair values presented below are reasonable based on the valuation techniques and data available to the Company as of September 30, 2015 and 2014, as more fully described below.  The operations of the Company are managed from a going concern basis and not a liquidation basis.  As a result, the ultimate value realized for the financial instruments presented could be substantially different when actually recognized over time through the normal course of operations.  Additionally, a substantial portion of the Company’s inherent value is the Bank’s capitalization and franchise value.  Neither of these components have been given consideration in the presentation of fair values below.
 
The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at September 30, 2015 and 2014.

  
September 30, 2015
 
  
Carrying
Amount
  
Estimated
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
  
(Dollars in Thousands)
 
Financial assets
          
Cash and cash equivalents
 
$
27,658
  
$
27,658
  
$
27,658
  
$
-
  
$
-
 
                     
Securities available for sale
  
1,256,087
   
1,256,087
   
914
   
1,255,173
   
-
 
Securities held to maturity
  
345,743
   
346,847
   
-
   
346,847
   
-
 
Total securities
  
1,601,830
   
1,602,934
   
914
   
1,602,020
   
-
 
                     
Loans receivable:
                    
One to four family residential mortgage loans
  
125,021
   
121,385
   
-
   
-
   
121,385
 
Commercial and multi-family real estate loans
  
310,199
   
314,372
   
-
   
-
   
314,372
 
Agricultural real estate loans
  
64,316
   
66,682
   
-
   
-
   
66,682
 
Consumer loans
  
33,527
   
33,504
   
-
   
-
   
33,504
 
Commercial operating loans
  
29,893
   
23,245
   
-
   
-
   
23,245
 
Agricultural operating loans
  
43,626
   
40,003
   
-
   
-
   
40,003
 
Premium finance loans
  
106,505
   
108,583
   
-
   
-
   
108,583
 
Total loans receivable
  
713,087
   
707,774
   
-
   
-
   
707,774
 
                     
Federal Home Loan Bank stock
  
24,410
   
24,410
   
-
   
24,410
   
-
 
Accrued interest receivable
  
13,352
   
13,352
   
13,352
   
-
   
-
 
                     
Financial liabilities
                    
Noninterest bearing demand deposits
  
1,449,101
   
1,369,672
   
1,369,672
   
-
   
-
 
Interest bearing demand deposits, savings, and money markets
  
117,262
   
115,204
   
115,204
   
-
   
-
 
Certificates of deposit
  
91,171
   
91,304
   
-
   
91,304
   
-
 
Total deposits
  
1,657,534
   
1,576,180
   
1,484,876
   
91,304
   
-
 
                     
Advances from Federal Home Loan Bank
  
7,000
   
8,630
   
-
   
8,630
   
-
 
Federal funds purchased
  
540,000
   
540,000
   
-
   
540,000
   
-
 
Securities sold under agreements to repurchase
  
4,007
   
4,007
   
-
   
4,007
   
-
 
Subordinated debentures
  
10,310
   
10,416
   
-
   
10,416
   
-
 
Accrued interest payable
  
272
   
272
   
272
   
-
   
-
 

  
September 30, 2014
 
  
Carrying
Amount
  
Estimated
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
  
(Dollars in Thousands)
 
Financial assets
          
Cash and cash equivalents
 
$
29,832
  
$
29,832
  
$
29,832
  
$
-
  
$
-
 
                     
Securities available for sale
  
1,140,216
   
1,140,216
   
825
   
1,139,391
   
-
 
Securities held to maturity
  
282,933
   
279,312
   
-
   
279,312
   
-
 
Total securities
  
1,423,149
   
1,419,528
   
825
   
1,418,703
   
-
 
                     
Loans receivable:
                    
One to four family residential mortgage loans
  
116,395
   
111,254
   
-
   
-
   
111,254
 
Commercial and multi-family real estate loans
  
224,302
   
234,845
   
-
   
-
   
234,845
 
Agricultural real estate loans
  
56,071
   
58,651
   
-
   
-
   
58,651
 
Consumer loans
  
29,329
   
29,580
   
-
   
-
   
29,580
 
Commercial operating loans
  
30,846
   
25,660
   
-
   
-
   
25,660
 
Agricultural operating loans
  
42,258
   
44,398
   
-
   
-
   
44,398
 
Total loans receivable
  
499,201
   
504,388
   
-
   
-
   
504,388
 
                     
Federal Home Loan Bank stock
  
21,245
   
21,245
   
-
   
21,245
   
-
 
Accrued interest receivable
  
11,222
   
11,222
   
11,222
   
-
   
-
 
                     
Financial liabilities
                    
Noninterest bearing demand deposits
  
1,126,715
   
1,126,715
   
1,126,715
   
-
   
-
 
Interest bearing demand deposits, savings, and money markets
  
105,273
   
105,273
   
105,273
   
-
   
-
 
Certificates of deposit
  
134,553
   
134,746
   
-
   
134,746
   
-
 
Total deposits
  
1,366,541
   
1,366,734
   
1,231,988
   
134,746
   
-
 
                     
Advances from Federal Home Loan Bank
  
7,000
   
8,789
   
-
   
8,789
   
-
 
Federal funds purchased
  
470,000
   
470,000
   
-
   
470,000
   
-
 
Securities sold under agreements to repurchase
  
10,411
   
10,414
   
-
   
10,414
   
-
 
Subordinated debentures
  
10,310
   
10,415
   
-
   
10,415
   
-
 
Accrued interest payable
  
318
   
318
   
318
   
-
   
-
 

The following sets forth the methods and assumptions used in determining the fair value estimates for the Company’s financial instruments at September 30, 2015 and 2014.
 
CASH AND CASH EQUIVALENTS
 
The carrying amount of cash and short-term investments is assumed to approximate the fair value.
 
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY
 
Securities available for sale are recorded at fair value on a recurring basis and securities held to maturity are carried at amortized cost.  Fair values for investment securities are based on obtaining quoted prices on nationally recognized securities exchanges, or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities.
 
LOANS RECEIVABLE, NET
 
The fair value of loans is estimated using a historical or replacement cost basis concept (i.e., an entrance price concept).  The fair value of loans was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers and for similar remaining maturities.  When using the discounting method to determine fair value, loans were grouped by homogeneous loans with similar terms and conditions and discounted at a target rate at which similar loans would be made to borrowers at September 30, 2015 and 2014.  In addition, when computing the estimated fair value for all loans, allowances for loan losses have been subtracted from the calculated fair value as a result of the discounted cash flow which approximates the fair value adjustment for the credit quality component.
 
FHLB STOCK
 
The fair value of such stock is assumed to approximate book value since the Company is generally able to redeem this stock at par value.
 
ACCRUED INTEREST RECEIVABLE
 
The carrying amount of accrued interest receivable is assumed to approximate the fair value.
 
DEPOSITS
 
The carrying values of non-interest-bearing checking deposits, interest-bearing checking deposits, savings and money markets is assumed to approximate fair value, since such deposits are immediately withdrawable without penalty.  The fair value of time certificates of deposit was estimated by discounting expected future cash flows by the current rates offered on certificates of deposit with similar remaining maturities.
 
In accordance with ASC 825, Financial Instruments, no value has been assigned to the Company’s long-term relationships with its deposit customers (core value of deposits intangible) since such intangible is not a financial instrument as defined under ASC 825.
 
ADVANCES FROM FHLB
 
The fair value of such advances was estimated by discounting the expected future cash flows using current interest rates for advances with similar terms and remaining maturities.
 
FEDERAL FUNDS PURCHASED
 
The carrying amount of federal funds purchased is assumed to approximate the fair value.
 
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND SUBORDINATED DEBENTURES
 
The fair value of these instruments was estimated by discounting the expected future cash flows using derived interest rates approximating market over the contractual maturity of such borrowings.
 
ACCRUED INTEREST PAYABLE
 
The carrying amount of accrued interest payable is assumed to approximate the fair value.
 
LIMITATIONS
 
It must be noted that fair value estimates are made at a specific point in time, based on relevant market information about the financial instrument.  Additionally, fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business, customer relationships and the value of assets and liabilities that are not considered financial instruments.  These estimates do not reflect any premium or discount that could result from offering the Company’s entire holdings of a particular financial instrument for sale at one time.  Furthermore, since no market exists for certain of the Company’s financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with a high level of precision.  Changes in assumptions as well as tax considerations could significantly affect the estimates.  Accordingly, based on the limitations described above, the aggregate fair value estimates are not intended to represent the underlying value of the Company, on either a going concern or a liquidation basis.
v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Sep. 30, 2015
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
GOODWILL AND INTANGIBLE ASSETS [Text Block]
NOTE 22.  GOODWILL AND INTANGIBLE ASSETS
 
The Company recorded a total of $36.9 million of goodwill during the fiscal year ended September 30, 2015, due to two separate business combinations – $11.6 million of goodwill in connection with the purchase of substantially all of the commercial loan portfolio and related assets of AFS/IBEX on December 2, 2014, and $25.4 million in goodwill in connection with the purchase of substantially all of the assets and liabilities of Refund Advantage, on September 8, 2015.  The goodwill associated with these transactions are deductible for tax purposes.
 
As part of the each business combination, the Company also recognized the following amortizable intangible assets:
 
AFS/IBEX:
 
Intangible
 
Amount
  
Book Amortization
Period (Years)
 
Method
         
Trademark
 
$
540
   
15
 
Straight Line
Non-Compete
 
$
260
   
3
 
Straight Line
Customer Relationships
 
$
7,240
   
30
 
Accelerated
Other
 
$
173
  
Varied
 
Straight Line

Refund Advantage:
 
Intangible
 
Amount
  
Book Amortization
Period (Years)
 
Method
         
Trademark
 
$
4,950
   
15
 
Accelerated
Non-Compete
 
$
40
   
3
 
Straight Line
Customer Relationships
 
$
18,800
  
12 to 20
 
Accelerated
Other
 
$
329
  
Varied
 
Straight Line

The changes in the carrying amount of the Company’s goodwill and intangible assets for the years ended September 30, 2015 and 2014 are as follows:
 
  
September 30,
 
  
2015
  
2014
 
  
(Dollars in Thousands)
 
Goodwill
  
Balance as of September 30, 2014
 
$
-
  
$
-
 
Acquisitions during the period
  
36,928
   
-
 
Write-offs during the period
  
-
   
-
 
Balance as of September 30, 2015
 
$
36,928
  
$
-
 

The Company completed an annual goodwill impairment test for the fiscal year ended September 30, 2015. Based on the results of the qualitative analysis, it was identified that it was more likely than not the fair value of the goodwill recorded exceeded the current carrying value. The Company concluded quantitative analysis was not required and no impairment existed.
 
  
Trademark
  
Non-Compete
  
Customer
Relationships
  
All Others
  
Total
 
Intangibles
  
Balance as of September 30, 2014
 
$
-
  
$
-
  
$
-
  
$
2,588
  
$
2,588
 
Acquisitions during the period
  
5,490
   
300
   
26,040
   
855
   
32,685
 
Amortization during the period
  
(51
)
  
(73
)
  
(1,229
)
  
(282
)
  
(1,635
)
Write-offs during the period
  
-
   
-
   
-
   
(61
)
  
(61
)
Balance as of September 30, 2015
 
$
5,439
  
$
227
  
$
24,811
  
$
3,100
  
$
33,577
 

  
Trademark
  
Non-Compete
  
Customer
Relationships
  
All Others
  
Total
 
Intangibles
  
Balance as of September 30, 2013
 
$
-
  
$
-
  
$
-
  
$
2,339
  
$
2,339
 
Acquisitions during the period
  
-
   
-
   
-
   
331
   
331
 
Amortization during the period
  
-
   
-
   
-
   
(78
)
  
(78
)
Write-offs during the period
  
-
   
-
   
-
   
(4
)
  
(4
)
Balance as of September 30, 2014
 
$
-
  
$
-
  
$
-
  
$
2,588
  
$
2,588
 

The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment.
 
The anticipated future amortization of intangibles is as follows:

  
September 30,
 
  
(Dollars in Thousands)
 
2016
 
$
4,819
 
2017
  
4,116
 
2018
  
3,517
 
2019
  
3,001
 
2020
  
2,598
 
Thereafter
  
15,526
 
Total anticipated intangible amortization
 
$
33,577
 
v3.3.1.900
SUBSEQUENT EVENTS
 12 Months Ended
Sep. 30, 2015
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
NOTE 23.  SUBSEQUENT EVENTS
 
Management has evaluated subsequent events.  There were no material subsequent events that would require recognition or disclosure, other than noted above, in our consolidated financial statements as of and for the year ended September 30, 2015.
v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Sep. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
PRINCIPLES OF CONSOLIDATION
PRINCIPLES OF CONSOLIDATION
 
The consolidated financial statements include the accounts of Meta Financial Group, Inc. (the “Company”), a unitary savings and loan holding company located in Sioux Falls, South Dakota, and its wholly-owned subsidiaries which include MetaBank (the “Bank”), a federally chartered savings bank whose primary federal regulator is the Office of the Comptroller of the Currency and First Services Financial Limited, which offered noninsured investment products and was dissolved on December 3, 2013.  The Company also owns 100% of First Midwest Financial Capital Trust I (the “Trust”), which was formed in July 2001 for the purpose of issuing trust preferred securities.  The Trust is not included in the consolidated financial statements of the Company.  All significant intercompany balances and transactions have been eliminated.
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION
 
The primary source of income relates to payment processing services for prepaid debit cards, ATM sponsorship, tax refund transfer and other money transfer systems and services.  Additionally, a significant source of income for the Company is interest from the purchase or origination of consumer, commercial, agricultural, commercial real estate, and residential real estate loans.  The Company accepts deposits from customers in the normal course of business primarily in northwest and central Iowa, and eastern South Dakota and on a national basis for the MPS division.  The Company operates in the banking industry, which accounts for the majority of its revenues and assets.  The Company uses the “management approach” for reporting information about segments in annual and interim financial statements.  The management approach is based on the way the chief operating decision-maker organizes segments within a company for making operating decisions and assessing performance.  Reportable segments are based on products and services, geography, legal structure, management structure and any other manner in which management disaggregates a company.  Based on the management approach model, the Company has determined that its business is comprised of two reporting segments.
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
 
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  Certain significant estimates include the allowance for loan losses, the valuation of intangible assets and the fair values of securities and other financial instruments.  These estimates are reviewed by management regularly; however, they are particularly susceptible to significant changes in the future.
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD
 
For purposes of reporting cash flows, cash and cash equivalents is defined to include the Company’s cash on hand and due from financial institutions and short-term interest-bearing deposits in other financial institutions.  The Company reports cash flows net for customer loan transactions, securities purchased under agreement to resell, federal funds purchased, deposit transactions, securities sold under agreements to repurchase, and FHLB advances with terms less than 90 days.  The Bank is required to maintain reserve balances in cash or on deposit with the FRB, based on a percentage of deposits.  The total of those reserve balances was $4.1 million and $8.3 million at September 30, 2015, and 2014, respectively.  The Company at times maintains balances in excess of insured limits at various financial institutions including the FHLB, the FRB and other private institutions.  At September 30, 2015, the Company had no interest-bearing deposits held at the FHLB and $7.2 million in interest-bearing deposits held at the FRB.  At September 30, 2015, the Company had no federal funds sold.  The Company does not believe these instruments carry a significant risk of loss, but cannot provide assurances that no losses could occur if these institutions were to become insolvent.
SECURITIES
SECURITIES
 
GAAP require that, at acquisition, an enterprise classify debt securities into one of three categories: Available for Sale (“AFS”), Held to Maturity (“HTM”) or trading. AFS securities are carried at fair value on the consolidated statements of financial condition, and unrealized holding gains and losses are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (loss) (“AOCI”). HTM debt securities are measured at amortized cost. Both AFS and HTM are subject to review for other-than-temporary impairment. Meta Financial has no trading securities.
 
The Company classifies the majority of its securities as AFS.  AFS securities are those the Company may decide to sell if needed for liquidity, asset-liability management or other reasons.  During the 2013 fiscal year, the Company reclassified a portion of its securities portfolio from the AFS to the HTM category.  The reclassification was made to better reflect the revised intentions of the Company to maintain these securities in its portfolio; in response to the potential impact on tangible book value should interest rates rise, due to the mark to market on these bonds; and to mitigate possible negative impacts on its regulatory capital under the proposed Dodd-Frank and Basel III capital guidelines, whereby unrealized losses on AFS securities could become a direct deduction from regulatory capital.  Subsequent to the reclassification and prior to June 30, 2013, the Basel III Accord was finalized and clarified that unrealized losses and gains on securities will not affect regulatory capital for those companies that opt out of the requirement, which the Company has done.
 
Gains and losses on the sale of securities are determined using the specific identification method based on amortized cost and are reflected in results of operations at the time of sale.  Interest and dividend income, adjusted by amortization of purchase premium or discount over the estimated life of the security using the level yield method, is included in income as earned.
 
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), or based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which significant assumptions are observable in the market (Level 2 inputs).  The Company considers these valuations supplied by a third-party provider that utilizes several sources for valuing fixed-income securities.  Sources utilized by the third-party provider include pricing models that vary based on asset class and include available trade, bid, and other market information.  This methodology includes broker quotes, proprietary models, descriptive terms and conditions databases, as well as extensive quality control programs.
 
Securities Impairment
 
Management continually monitors the investment securities portfolio for impairment on a security-by-security basis and has a process in place to identify securities that could potentially have a credit impairment that is other-than-temporary.  This process involves the consideration of the length of time and extent to which the fair value has been less than the amortized cost basis, review of available information regarding the financial position of the issuer, monitoring the rating of the security, monitoring changes in value, cash flow projections, and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which, in some cases, may extend to maturity.  To the extent the Company determines that a security is deemed to be other-than-temporarily impaired, an impairment loss is recognized.  If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the Company recognizes an other-than-temporary impairment for the difference between amortized cost and fair value.  If the Company does not expect to recover the amortized cost basis, does not plan to sell the security and if it is not more likely than not that the Company would be required to sell the security before the recovery of its amortized cost, the recognition of the other-than-temporary impairment is bifurcated.  For those securities, the Company separates the total impairment into a credit loss component recognized in net income, and the amount of the loss related to other factors is recognized in other comprehensive income, net of taxes.
 
The amount of the credit loss component of a debt security impairment is estimated as the difference between amortized cost and the present value of the expected cash flows of the security.  The present value is determined using the best estimate of cash flows discounted at the effective interest rate implicit to the security at the date of purchase or the current yield to accrete an asset-backed or floating rate security.  In fiscal 2015, 2014 and 2013, there was no other-than-temporary impairment recorded.
LOANS RECEIVABLE
LOANS RECEIVABLE
 
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances reduced by the allowance for loan losses and any deferred fees or costs on originated loans.
 
Interest income on loans is accrued over the term of the loans based upon the amount of principal outstanding except when serious doubt exists as to the collectability of a loan, in which case the accrual of interest is discontinued.  Interest income is subsequently recognized only to the extent that cash payments are received until, in management’s judgment, the borrower has demonstrated a continued ability to make contractual interest and principal payments, in which case the loan is returned to accrual status.
 
Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the interest method.
 
As part of the Company’s ongoing risk management practices, management attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay.  Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance.  Each occurrence is unique to the borrower and is evaluated separately.  In a situation where an economic concession has been granted to a borrower that is experiencing financial difficulty, the Company identifies and reports that loan as a troubled debt restructuring (“TDR”).  Management considers regulatory guidelines when restructuring loans to ensure that prudent lending practices are followed.  As such, qualification criteria and payment terms consider the borrower’s current and prospective ability to comply with the modified terms of the loan.  Additionally, the Company structures loan modifications with the intent of strengthening repayment prospects.
 
The Company considers whether a borrower is experiencing financial difficulties, as well as whether a concession has been granted to a borrower determined to be troubled, when determining whether a modification meets the criteria of being a TDR.  For such purposes, evidence which may indicate that a borrower is troubled includes, among other factors, the borrower’s default on debt, the borrower’s declaration of bankruptcy or preparation for the declaration of bankruptcy, the borrower’s forecast that entity-specific cash flows will be insufficient to service the related debt, or the borrower’s inability to obtain funds from sources other than existing creditors at an effective interest rate equal to the current market interest rate for similar debt for a non-troubled debtor.  If a borrower is determined to be troubled based on such factors or similar evidence, a concession will be deemed to have been granted if a modification of the terms of the debt occurred that management would not otherwise consider.  Such concessions may include, among other modifications, a reduction of the stated interest for the remaining original life of the debt, an extension of the maturity date at a stated interest rate lower than the current market rate for new debt with similar risk, a reduction of accrued interest, or a reduction of the face amount or maturity amount of the debt.
 
Loans that are reported as TDRs apply the identical criteria in the determination of whether the loan should be accruing or not accruing.  The event of classifying the loan as a TDR due to a modification of terms may be independent from the determination of accruing interest on a loan.
 
Generally, when a loan becomes delinquent 90 days or more for Retail Bank or 210 days or more for Premium Finance or when the collection of principal or interest becomes doubtful, the Company will place the loan on a non-accrual status and, as a result, previously accrued interest income on the loan is reversed against current income.  The loan will remain on a non-accrual status until the loan becomes current and has demonstrated a sustained period of satisfactory performance.
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS
 
The Company, from time to time, sells loan participations, generally without recourse.  Sold loans are not included in the consolidated financial statements.  The Bank generally retains the right to service the sold loans for a fee.  At September 30, 2015 and 2014, the Bank was servicing loans for others with aggregate unpaid principal balances of $22.2 million and $22.6 million, respectively.
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES
 
The allowance for loan losses represents management’s estimate of probable loan losses that have been incurred as of the date of the consolidated financial statements.  The allowance for loan losses is increased by a provision for loan losses charged to expense and decreased by charge-offs (net of recoveries).  Estimating the risk of loss and the amount of loss on any loan is necessarily subjective.  Management’s periodic evaluation of the appropriateness of the allowance is based on the Company’s and peer group’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, and current economic conditions.  While management may periodically allocate portions of the allowance for specific problem loan situations, the entire allowance is available for any loan charge-offs that occur.  The allowance consists of specific, general and unallocated components.
 
The specific component relates to impaired loans.  Loans are considered impaired if full principal or interest payments are not probable in accordance with the contractual loan terms.  Often this is associated with a delay or shortfall in payments of 210 days or more for premium finance loans and 90 days or more for other loan categories.  Non-accrual loans and all TDRs are considered impaired.  Impaired loans, or portions thereof, are charged off when deemed uncollectible.  Impaired loans are carried at the present value of expected future cash flows discounted at the loan’s effective interest rate or at the fair value of the collateral if the loan is collateral dependent.  For such loans, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan.
 
The general reserve covers loans not considered impaired and is comprised of both quantitative and qualitative analysis.  A separate general reserve analysis is performed for individual classified non-impaired loans and for non-classified smaller-balance homogeneous loans.  The three main assumptions for the quantitative components for 2015 are historical loss rates, the look back period (“LBP”) and the loss emergence period (“LEP”).
 
·The historical loss experience is determined by portfolio segment and is based on the actual loss history of the Company over the past five years.  For the individual classified loans, historic charge-off rates for the Company’s classified loan population are utilized.

·In prior periods, management utilized a three-year historical loss experience methodology.  A five-year LBP is appropriate to capture a wider range of losses due to historically low levels in recent years and to continue to factor in loss experience resulting from the credit crisis and other factors.

·The LEP is an estimate of the average amount of time from the point the customer incurs a loss to the point the loss is confirmed by the Company.  During management’s most recent periodic evaluation, we studied the LEPs for our loan portfolio utilizing Company charge-off history.  The LEP is only applied to the non-classified homogeneous loan general reserve.

The main assumptions for the quantitative components in 2014 are historical loss rates and other qualitative adjustments.
 
Qualitative adjustment considerations for the general reserve include considerations of changes in lending policies and procedures, changes in national and local economic and business conditions and developments, changes in the nature and volume of the loan portfolio, changes in lending management and staff, trending in past due, classified, nonaccrual, and other loan categories, changes in the Company’s loan review system and oversight, changes in collateral values, credit concentration risk, and the regulatory and legal requirements and environment.
 
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses.  The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS
 
Real estate properties and repossessed assets acquired through, or in lieu of, loan foreclosure are initially recorded at fair value less selling costs at the date of foreclosure, establishing a new cost basis.  Any reduction to fair value from the carrying value of the related loan at the time of acquisition is accounted for as a loan loss and charged against the allowance for loan losses.  Valuations are periodically performed by management and valuation allowances are increased through a charge to income for reductions in fair value or increases in estimated selling costs.
INCOME TAXES
INCOME TAXES
 
The Company records income tax expense based on the amount of taxes due on its tax return plus deferred taxes computed based on the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities, using enacted tax rates.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
 
In accordance with ASC 740, Income Taxes, the Company recognizes a tax position as a benefit only if it is more likely than not that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur.  The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized upon examination.  For tax positions not meeting the more likely than not test, no tax benefit is recorded.  The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
PREMISES, FURNITURE, AND EQUIPMENT
PREMISES, FURNITURE AND EQUIPMENT
 
Land is carried at cost.  Buildings, furniture, fixtures, leasehold improvements and equipment are carried at cost, less accumulated depreciation and amortization.  Capital leases, where we are the lessee, are included in premises and equipment at the capitalized amount less accumulated amortization.  We primarily use the straight-line method of depreciation over the estimated useful lives of the assets, which range from 10 to 40 years for buildings, and 2 to 15 years for leasehold improvements, and for furniture, fixtures and equipment. We amortize capitalized leased assets on a straight-line basis over the lives of the respective leases. Assets are reviewed for impairment when events indicate the carrying amount may not be recoverable.
TRANSFERS OF FINANCIAL ASSETS
TRANSFERS OF FINANCIAL ASSETS
 
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered.  Control over transferred assets is deemed to be surrendered when (1) the assets have been legally isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
BANK-OWNED LIFE INSURANCE
BANK-OWNED LIFE INSURANCE
 
Bank-owned life insurance represents the cash surrender value of investments in life insurance contracts.  Earnings on the contracts are based on the earnings on the cash surrender value, less mortality costs.
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”)
 
The cost of shares issued to the ESOP, but not yet allocated to participants, are presented in the consolidated statements of financial condition as a reduction of stockholders’ equity.  Compensation expense is recorded based on the market price of the shares as they are committed to be released for allocation to participant accounts.  The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital.  Dividends on allocated ESOP shares are recorded as a reduction of retained earnings.  Dividends on unallocated shares are used to reduce the accrued interest and principal amount of the ESOP’s loan payable to the Company.  At September 30, 2015 and 2014, all shares in the ESOP were allocated.
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
 
The Company, in the normal course of business, makes commitments to make loans which are not reflected in the consolidated financial statements.
INTANGIBLE ASSETS
INTANGIBLE ASSETS
 
Intangible assets other than goodwill are amortized over their respective estimated lives. All intangible assets are subject to an impairment test at least annually or more often if conditions indicate a possible impairment.
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 
The Company enters into sales of securities under agreements to repurchase with primary dealers only, which provide for the repurchase of the same security.  Securities sold under agreements to repurchase identical securities are collateralized by assets which are held in safekeeping in the name of the Bank or by the dealers who arranged the transaction.  Securities sold under agreements to repurchase are treated as financings, and the obligations to repurchase such securities are reflected as a liability.  The securities underlying the agreements remain in the asset accounts of the Company.
REVENUE RECOGNITION
REVENUE RECOGNITION
 
Interest revenue from loans and investments is recognized on the accrual basis of accounting as the interest is earned according to the terms of the particular loan or investment.  Income from service and other customer charges is recognized as earned.  Revenue within the MPS division is recognized as services are performed and service charges are earned in accordance with the terms of the various programs.
EARNINGS PER COMMON SHARE ("EPS")
EARNINGS PER COMMON SHARE (“EPS”)
 
Basic EPS is based on the net income divided by the weighted-average number of common shares outstanding during the period.  Allocated ESOP shares are considered outstanding for earnings per common share calculations, as they are committed to be released; unallocated ESOP shares are not considered outstanding.  Diluted EPS shows the dilutive effect of additional potential common shares issuable under stock option plans.
COMPREHENSIVE INCOME (LOSS)
COMPREHENSIVE INCOME (LOSS)
 
Comprehensive income (loss) consists of net income and other comprehensive income or loss.  Other comprehensive income includes the change in net unrealized gains and losses on securities available for sale, net of reclassification adjustments and tax effects.  Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity.
STOCK COMPENSATION
STOCK COMPENSATION
 
Compensation expense for share-based awards is recorded over the vesting period at the fair value of the award at the time of grant.  The exercise price of options or fair value of nonvested shares granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date.  The Company assumes no projected forfeitures on its stock-based compensation, since actual historical forfeiture rates on its stock-based incentive awards have been negligible.
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS
 
Accounting Standards Update (“ASU”) No 2015-16 – Business Combinations (Topic 805):  Simplifying the Accounting for Measurement-Period Adjustments
 
This ASU provides guidance regarding recognizing adjustments to provisional goodwill identified during the measurement period in the reporting period in which the adjustment is determined.  Income statement effects, if any, will also need to be recorded in the period in which the adjustment is determined, as if the accounting had been completed at the acquisition date.  This update is in effect for annual and interim periods beginning after December 15, 2015, and the Company does not expect a material impact on the Company’s consolidated financial statements.
 
ASU No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure
 
This ASU provides guidance on when a loan should be derecognized and collateral assets recognized during an in-substance repossession or foreclosure.  The objective of this ASU is to eliminate diversity in practice related to the topic.  The ASU states creditors are considered to have physical possession of residential real estate property when either the creditor obtains title for the property or the borrower transfers all interest in the property through a deed or other legal agreement.  When physical possession occurs, the loan should be derecognized and collateral assets recognized.  This update was effective for annual and interim periods beginning after December 15, 2014, and does not have a material impact on the Company’s consolidated financial statements.
 
ASU No. 2014-09, Revenue Recognition – Revenue from Contracts with Customers (Topic 606)
 
This ASU provides guidance on when to recognize revenue from contracts with customers.  The objective of this ASU is to eliminate diversity in practice related to this topic and to develop guidance that would streamline and enhance revenue recognition requirements.  The ASU defines five steps to recognize revenue, including identify the contract with a customer, identify the performance obligations in the contract, determine a transaction price, allocate the transaction price to the performance obligations and then recognize the revenue when or as the entity satisfies a performance obligation.  This update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and the Company is currently assessing the potential impact to the consolidated financial statements.
 
ASU No. 2014-14, Troubled Debt Restructuring by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure
 
This ASU provides guidance on how to account for certain foreclosed government-guaranteed mortgage loans.  The creditor should recognize a separate other receivable in the amount the creditor expects to recover from the guarantor.  This update was effective for annual and interim periods beginning after December 15, 2014, and will not have a material impact on the Company’s consolidated financial statements.
 
ASU No. 2015-01, Income Statement, Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items
 
This ASU eliminates the concept of extraordinary items from U.S. GAAP.  The ASU does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence.  This update is effective for annual and interim periods beginning after December 15, 2015, and is not expected to have a material impact on the Company’s consolidated financial statements.
 
ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis
 
This ASU changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (“VIE”), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities.  This update is effective for annual and interim periods beginning after December 15, 2015, and is not expected to have a material impact on the Company’s consolidated financial statements.
v3.3.1.900
ACQUISITIONS (Tables)
 12 Months Ended
Sep. 30, 2015
Business Acquisition [Line Items]  
Unaudited Pro forma Summary Financial Results Present Consolidated Results of Operations
The following unaudited pro forma summary financial results present the consolidated results of operations as if the acquisition of Refund Advantage had occurred as of October 1, 2013, after the effect of certain adjustments, including amortization of certain identifiable intangible assets, income and expense items not attributable to ongoing operations and related tax effects. The unaudited pro forma condensed consolidated statement of operations does not include any adjustments for any restructuring activities, operating efficiencies or cost savings. The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the Refund Advantage acquisition been made as of October 1, 2013, or of any potential results which may occur in the future.
 
  
September 30,
 
  
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Total income
 
$
142,876
  
$
127,150
 
Net income attributable to common stock
 
$
19,724
  
$
19,087
 
Basic earnings per common share
  
2.51
   
2.64
 
Diluted earnings per common share
  
2.49
   
2.61
 
Basic weighted-average common shares, issued and outstanding
  
7,850,582
   
7,229,536
 
Diluted weighted-average common shares, issued and outstanding
  
7,915,811
   
7,314,669
 
AFS/IBEX Financial Services Inc [Member]  
Business Acquisition [Line Items]  
Approximate Fair Value of Assets Acquired and Liabilities Assumed
The following table represents the approximate fair value of assets acquired and liabilities assumed of AFS/IBEX on the consolidated balance sheet as of December 2, 2014:
 
  
As of December 2, 2014
 
  
(Dollars in Thousands)
 
Fair value of consideration paid
  
Cash
 
$
99,255
 
Total consideration paid
  
99,255
 
     
Fair value of assets acquired
    
Cash and cash equivalents
  
6,947
 
Loans receivable, net
  
74,120
 
Prepaid assets
  
156
 
Furniture and equipment, net
  
449
 
Intangible assets
  
8,213
 
Other assets
  
6
 
Total assets
  
89,891
 
Fair value of liabilities assumed
    
Accrued expenses and other liabilities
  
2,214
 
Total liabilities assumed
  
2,214
 
Fair value of net assets acquired
  
87,677
 
Goodwill resulting from acquisition
 
$
11,578
 
Refund Advantage [Member]  
Business Acquisition [Line Items]  
Approximate Fair Value of Assets Acquired and Liabilities Assumed
The following table represents the approximate fair value of assets acquired and liabilities assumed of Refund Advantage on the consolidated balance sheet as of September 8, 2015:

  
As of September 8, 2015
 
  
(Dollars in Thousands)
 
Fair value of consideration paid
  
Cash
 
$
26,060
 
Stock issued
 
$
24,303
 
Total consideration paid
  
50,363
 
     
Fair value of assets acquired
    
Cash and cash equivalents
  
2,821
 
Prepaid assets
  
23
 
Furniture and equipment, net
  
55
 
Intangible assets
  
24,119
 
Other assets
  
457
 
Total assets
  
27,475
 
Fair value of liabilities assumed
    
Accrued expenses and other liabilities
  
2,463
 
Total liabilities assumed
  
2,463
 
Fair value of net assets acquired
  
25,012
 
Goodwill resulting from acquisition
 
$
25,351
 
v3.3.1.900
LOANS RECEIVABLE, NET (Tables)
 12 Months Ended
Sep. 30, 2015
LOANS RECEIVABLE, NET [Abstract]  
Year-end Loans Receivable
Year-end loans receivable were as follows:
 
  
September 30, 2015
  
September 30, 2014
 
  
(Dollars in Thousands)
 
     
1-4 Family Real Estate
 
$
125,021
  
$
116,395
 
Commercial and Multi-Family Real Estate
  
310,199
   
224,302
 
Agricultural Real Estate
  
64,316
   
56,071
 
Consumer
  
33,527
   
29,329
 
Commercial Operating
  
29,893
   
30,846
 
Agricultural Operating
  
43,626
   
42,258
 
Premium Finance
  
106,505
   
-
 
Total Loans Receivable
  
713,087
   
499,201
 
         
Less:
        
Allowance for Loan Losses
  
(6,255
)
  
(5,397
)
Net Deferred Loan Origination Fees
  
(577
)
  
(797
)
Total Loans Receivable, Net
 
$
706,255
  
$
493,007
 
Annual Activity in Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans
Annual activity in the allowance for loan losses was as follows:
 
Year ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Beginning balance
 
$
5,397
  
$
3,930
  
$
3,971
 
Provision (recovery) for loan losses
  
1,465
   
1,150
   
-
 
Recoveries
  
123
   
367
   
179
 
Charge offs
  
(730
)
  
(50
)
  
(220
)
Ending balance
 
$
6,255
  
$
5,397
  
$
3,930
 

Allowance for Loan Losses and Recorded Investment in loans at September 30, 2015 and 2014 are as follows:
 
  
1-4 Family
Real Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Unallocated
  
Total
 
  
(Dollars in Thousands)
 
Year Ended September 30, 2015
                  
                   
Allowance for loan losses:
                  
Beginning balance
 
$
552
  
$
1,575
  
$
263
  
$
78
  
$
93
  
$
719
  
$
-
  
$
2,117
  
$
5,397
 
Provision (recovery) for loan losses
  
(229
)
  
(180
)
  
(100
)
  
(58
)
  
(68
)
  
3,004
   
464
   
(1,368
)
  
1,465
 
Charge offs
  
(45
)
  
(214
)
  
-
   
-
   
-
   
(186
)
  
(285
)
  
-
   
(730
)
Recoveries
  
-
   
6
   
-
   
-
   
3
   
-
   
114
   
-
   
123
 
Ending balance
 
$
278
  
$
1,187
  
$
163
  
$
20
  
$
28
  
$
3,537
  
$
293
  
$
749
  
$
6,255
 
                                     
Ending balance: individually evaluated for impairment
  
-
   
241
   
-
   
-
   
-
   
3,252
   
-
   
-
   
3,493
 
Ending balance: collectively evaluated for impairment
  
278
   
946
   
163
   
20
   
28
   
285
   
293
   
749
   
2,762
 
Total
 
$
278
  
$
1,187
  
$
163
  
$
20
  
$
28
  
$
3,537
  
$
293
  
$
749
  
$
6,255
 
                                     
Loans:
                                    
Ending balance: individually evaluated for impairment
  
121
   
1,350
   
-
   
-
   
11
   
5,132
   
-
   
-
   
6,614
 
Ending balance: collectively evaluated for impairment
  
124,900
   
308,849
   
64,316
   
33,527
   
29,882
   
38,494
   
106,505
   
-
   
706,473
 
Total
 
$
125,021
  
$
310,199
  
$
64,316
  
$
33,527
  
$
29,893
  
$
43,626
  
$
106,505
  
$
-
  
$
713,087
 
 
  
1-4 Family
Real
Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Unallocated
  
Total
 
  
(Dollars in Thousands)
 
Year Ended September 30, 2014
                  
                   
Allowance for loan losses:
                  
Beginning balance
 
$
333
  
$
1,937
  
$
112
  
$
74
  
$
49
  
$
267
  
$
-
  
$
1,158
  
$
3,930
 
Provision (recovery) for loan losses
  
217
   
(709
)
  
151
   
4
   
26
   
502
   
-
   
959
   
1,150
 
Charge offs
  
-
   
-
   
-
   
-
   
-
   
(50
)
  
-
   
-
   
(50
)
Recoveries
  
2
   
347
   
-
   
-
   
18
   
-
   
-
   
-
   
367
 
Ending balance
 
$
552
  
$
1,575
  
$
263
  
$
78
  
$
93
  
$
719
  
$
-
  
$
2,117
  
$
5,397
 
                                     
                                     
Ending balance: individually evaluated for impairment
  
23
   
350
   
-
   
-
   
-
   
340
   
-
   
-
   
713
 
Ending balance: collectively evaluated for impairment
  
529
   
1,225
   
263
   
78
   
93
   
379
   
-
   
2,117
   
4,684
 
Total
 
$
552
  
$
1,575
  
$
263
  
$
78
  
$
93
  
$
719
  
$
-
  
$
2,117
  
$
5,397
 
                                     
Loans:
                                    
Ending balance: individually evaluated for impairment
  
387
   
5,655
   
-
   
-
   
22
   
340
   
-
   
-
   
6,404
 
Ending balance: collectively evaluated for impairment
  
116,008
   
218,647
   
56,071
   
29,329
   
30,824
   
41,918
   
-
   
-
   
492,797
 
Total
 
$
116,395
  
$
224,302
  
$
56,071
  
$
29,329
  
$
30,846
  
$
42,258
  
$
-
  
$
-
  
$
499,201
 
Asset Classification of Loans
The asset classification of loans at September 30, 2015, and 2014, are as follows:
 
September 30, 2015
 
1-4 Family
Real Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Total
 
  
(Dollars in Thousands)
 
                 
Pass
 
$
124,775
  
$
307,876
  
$
35,106
  
$
33,527
  
$
29,052
  
$
29,336
  
$
106,505
  
$
666,177
 
Watch
  
212
   
1,419
   
26,703
   
-
   
712
   
1,079
   
-
   
30,125
 
Special Mention
  
10
   
-
   
877
   
-
   
-
   
4,014
   
-
   
4,901
 
Substandard
  
24
   
904
   
1,630
   
-
   
129
   
9,197
   
-
   
11,884
 
Doubtful
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
  
$
125,021
  
$
310,199
  
$
64,316
  
$
33,527
  
$
29,893
  
$
43,626
  
$
106,505
  
$
713,087
 

September 30, 2014
 
1-4 Family
Real Estate
  
Commercial and
Multi-Family
Real Estate
  
Agricultural
Real Estate
  
Consumer
  
Commercial
Operating
  
Agricultural
Operating
  
Premium
Finance
  
Total
 
  
(Dollars in Thousands)
 
                 
Pass
 
$
115,700
  
$
222,074
  
$
52,364
  
$
29,329
  
$
30,709
  
$
32,261
  
$
-
  
$
482,437
 
Watch
  
369
   
852
   
273
   
-
   
137
   
369
   
-
   
2,000
 
Special Mention
  
81
   
96
   
1,660
   
-
   
-
   
63
   
-
   
1,900
 
Substandard
  
245
   
1,280
   
1,774
   
-
   
-
   
9,565
   
-
   
12,864
 
Doubtful
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
  
$
116,395
  
$
224,302
  
$
56,071
  
$
29,329
  
$
30,846
  
$
42,258
  
$
-
  
$
499,201
 
Past Due Loans
Past due loans at September 30, 2015 and 2014 are as follows:
 
September 30, 2015
 
30-59 Days
Past Due
  
60-89 Days
Past Due
  
Greater Than
90 Days
  
Total Past
Due
  
Current
  
Non-Accrual
Loans
  
Total Loans
Receivable
 
  
(Dollars in Thousands)
 
               
1-4 Family Real Estate
 
$
142
  
$
-
  
$
-
  
$
142
  
$
124,855
  
$
24
  
$
125,021
 
Commercial and Multi-Family Real Estate
  
-
   
-
   
-
   
-
   
309,295
   
904
   
310,199
 
Agricultural Real Estate
  
-
   
-
   
-
   
-
   
64,316
   
-
   
64,316
 
Consumer
  
152
   
-
   
13
   
165
   
33,362
   
-
   
33,527
 
Commercial Operating
  
-
   
-
   
-
   
-
   
29,893
   
-
   
29,893
 
Agricultural Operating
  
-
   
-
   
-
   
-
   
38,494
   
5,132
   
43,626
 
Premium Finance
  
702
   
362
   
1,728
   
2,792
   
103,713
   
-
   
106,505
 
Total
 
$
996
  
$
362
  
$
1,741
  
$
3,099
  
$
703,928
  
$
6,060
  
$
713,087
 

September 30, 2014
 
30-59 Days
Past Due
  
60-89 Days
Past Due
  
Greater Than
90 Days
  
Total Past
Due
  
Current
  
Non-Accrual
Loans
  
Total Loans
Receivable
 
  
(Dollars in Thousands)
 
               
1-4 Family Real Estate
 
$
111
  
$
37
  
$
-
  
$
148
  
$
115,966
  
$
281
  
$
116,395
 
Commercial and Multi-Family Real Estate
  
-
   
-
   
-
   
-
   
223,990
   
312
   
224,302
 
Agricultural Real Estate
  
-
   
-
   
-
   
-
   
56,071
   
-
   
56,071
 
Consumer
  
2
   
12
   
54
   
68
   
29,261
   
-
   
29,329
 
Commercial Operating
  
-
   
-
   
-
   
-
   
30,846
   
-
   
30,846
 
Agricultural Operating
  
-
   
-
   
-
   
-
   
41,918
   
340
   
42,258
 
Total
 
$
113
  
$
49
  
$
54
  
$
216
  
$
498,052
  
$
933
  
$
499,201
 
Impaired Loans
Impaired loans at September 30, 2015 and 2014 are as follows:

  
Recorded
Balance
  
Unpaid Principal
Balance
  
Specific
Allowance
 
September 30, 2015
 
(Dollars in Thousands)
 
       
Loans without a specific valuation allowance
      
1-4 Family Real Estate
 
$
121
  
$
121
  
$
-
 
Commercial and Multi-Family Real Estate
  
446
   
446
   
-
 
Commercial Operating
  
11
   
11
   
-
 
Total
 
$
578
  
$
578
  
$
-
 
Loans with a specific valuation allowance
            
1-4 Family Real Estate
 
$
-
  
$
-
  
$
-
 
Commercial and Multi-Family Real Estate
  
904
   
904
   
241
 
Agricultural Operating
  
5,132
   
5,282
   
3,252
 
Total
 
$
6,036
  
$
6,186
  
$
3,493
 

  
Recorded
Balance
  
Unpaid Principal
Balance
  
Specific
Allowance
 
September 30, 2014
 
(Dollars in Thousands)
 
       
Loans without a specific valuation allowance
      
1-4 Family Real Estate
 
$
142
  
$
142
  
$
-
 
Commercial and Multi-Family Real Estate
  
4,375
   
4,375
   
-
 
Commercial Operating
  
22
   
22
   
-
 
Total
 
$
4,539
  
$
4,539
  
$
-
 
Loans with a specific valuation allowance
            
1-4 Family Real Estate
 
$
245
  
$
245
  
$
23
 
Commercial and Multi-Family Real Estate
  
1,280
   
1,280
   
350
 
Agricultural Operating
  
340
   
340
   
340
 
Total
 
$
1,865
  
$
1,865
  
$
713
 

Cash interest collected on impaired loans was not material during the years ended September 30, 2015 and 2014.
 
The following table provides the average recorded investment in impaired loans for the years ended September 30, 2015 and 2014.
 
  
Year Ended September 30,
 
  
2015
  
2014
 
  
Average
Recorded
Investment
  
Average
Recorded
Investment
 
     
     
1-4 Family Real Estate
 
$
238
  
$
574
 
Commercial and Multi-Family Real Estate
  
2,114
   
6,526
 
Commercial Operating
  
17
   
34
 
Agricultural Operating
  
3,559
   
29
 
Total
 
$
5,928
  
$
7,163
 
v3.3.1.900
LOAN SERVICING (Tables)
 12 Months Ended
Sep. 30, 2015
LOAN SERVICING [Abstract]  
Unpaid Principal Balances of Loans Serviced for Others
Loans serviced for others are not reported as assets.  The unpaid principal balances of these loans at year-end were as follows:
 
September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Mortgage loan portfolios serviced for Fannie Mae
 
$
5,055
  
$
5,948
  
$
7,361
 
Other
  
17,156
   
16,576
   
9,930
 
  
$
22,211
  
$
22,524
  
$
17,291
 
v3.3.1.900
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Sep. 30, 2015
EARNINGS PER COMMON SHARE [Abstract]  
Reconciliation of Net Income and Common Stock Share Amounts Used in Computation of Basic and Diluted EPS
A reconciliation of the net income and common stock share amounts used in the computation of basic and diluted EPS for the fiscal years ended September 30, 2015, 2014 and 2013 is presented below.
 
  
2015
  
2014
  
2013
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
Earnings
      
Net income
 
$
18,055
  
$
15,713
  
$
13,418
 
             
Basic EPS
            
Weighted average common shares outstanding
  
6,730,086
   
6,117,577
   
5,595,733
 
Less weighted average nonvested shares
  
(4,237
)
  
(4,301
)
  
(2,032
)
Weighted average common shares outstanding
  
6,725,849
   
6,113,276
   
5,593,701
 
             
Earnings Per Common Share
            
Basic
 
$
2.68
  
$
2.57
  
$
2.40
 
             
Diluted EPS
            
Weighted average common shares outstanding for basic earnings per common share
  
6,725,849
   
6,113,276
   
5,593,701
 
Add dilutive effect of assumed exercises of stock options, net of tax benefits
  
68,951
   
85,133
   
53,437
 
Weighted average common and dilutive potential common shares outstanding
  
6,794,800
   
6,198,409
   
5,647,138
 
             
Earnings Per Common Share
            
Diluted
 
$
2.66
  
$
2.53
  
$
2.38
 
v3.3.1.900
SECURITIES (Tables)
 12 Months Ended
Sep. 30, 2015
SECURITIES [Abstract]  
Securities Available for Sale
Securities available for sale were as follows:
 
Available For Sale
 
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2015
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Trust preferred and corporate securities
 
$
16,199
  
$
8
  
$
(2,263
)
 
$
13,944
 
Small business administration securities
  
54,493
   
1,563
   
-
   
56,056
 
Non-bank qualified obligations of states and political subdivisions
  
603,165
   
7,240
   
(1,815
)
  
608,590
 
Mortgage-backed securities
  
580,165
   
1,283
   
(4,865
)
  
576,583
 
Total debt securities
  
1,254,022
   
10,094
   
(8,943
)
  
1,255,173
 
Common equities and mutual funds
  
639
   
283
   
(8
)
  
914
 
Total available for sale securities
 
$
1,254,661
  
$
10,377
  
$
(8,951
)
 
$
1,256,087
 

  
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2014
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Trust preferred and corporate securities
 
$
48,747
  
$
191
  
$
(2,009
)
 
$
46,929
 
Small business administration securities
  
66,541
   
543
   
(72
)
  
67,012
 
Non-bank qualified obligations of states and political subdivisions
  
368,897
   
2,494
   
(3,811
)
  
367,580
 
Mortgage-backed securities
  
663,690
   
3,519
   
(9,339
)
  
657,870
 
Total debt securities
  
1,147,875
   
6,747
   
(15,231
)
  
1,139,391
 
Common equities and mutual funds
  
539
   
291
   
(5
)
  
825
 
Total available for sale securities
 
$
1,148,414
  
$
7,038
  
$
(15,236
)
 
$
1,140,216
 
Securities Held to Maturity
Securities held to maturity were as follows:
 
Held to Maturity
 
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2015
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Obligations of states and political subdivisions
 
$
19,540
  
$
60
  
$
(187
)
 
$
19,413
 
Non-bank qualified obligations of states and political subdivisions
  
259,627
   
2,122
   
(419
)
  
261,330
 
Mortgage-backed securities
  
66,577
   
-
   
(473
)
  
66,104
 
Total held to maturity securities
 
$
345,744
  
$
2,182
  
$
(1,079
)
 
$
346,847
 

  
  
GROSS
  
GROSS
  
 
  
AMORTIZED
  
UNREALIZED
  
UNREALIZED
  
FAIR
 
At September 30, 2014
 
COST
  
GAINS
  
(LOSSES)
  
VALUE
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
 
Obligations of states and political subdivisions
 
$
19,304
  
$
48
  
$
(372
)
 
$
18,980
 
Non-bank qualified obligations of states and political subdivisions
  
193,595
   
894
   
(2,329
)
  
192,160
 
Mortgage-backed securities
  
70,034
   
-
   
(1,862
)
  
68,172
 
Total held to maturity securities
 
$
282,933
  
$
942
  
$
(4,563
)
 
$
279,312
 
Trust Preferred Securities Included in Available-for-sale Securities
Included in securities available for sale are trust preferred securities as follows:
 
At September 30, 2015
 
  
  
  
 
     
Issuer(1)
 
Amortized Cost
  
Fair Value
  
Unrealized
Gain (Loss)
  
S&P
Credit Rating
 
Moody's
Credit Rating
  
(Dollars in Thousands)
     
  
  
  
  
     
      
Key Corp. Capital I
 
$
4,986
  
$
4,189
  
$
(797
)
 
BB+
 
Baa2
Huntington Capital Trust II SE
  
4,979
   
4,076
   
(903
)
 
BB
 
Baa2
PNC Capital Trust
  
4,965
   
4,402
   
(563
)
 
BBB-
 
Baa1
Total
 
$
14,930
  
$
12,667
  
$
(2,263
)
    
  
 
 
(1)
 Trust preferred securities are single-issuance.  There are no known deferrals, defaults or excess subordination.

At September 30, 2014
 
  
  
  
  
 
Issuer(1)
 
Amortized Cost
  
Fair Value
  
Unrealized
Gain (Loss)
  
S&P
Credit Rating
  
Moody's
Credit Rating
 
  
(Dollars in Thousands)
      
 
  
  
  
      
 
Key Corp. Capital I
 
$
4,985
  
$
4,400
  
$
(585
)
 
BB+
  
Baa3
 
Huntington Capital Trust II SE
  
4,977
   
4,300
   
(677
)
 
BB
  
Baa3
 
PNC Capital Trust
  
4,962
   
4,400
   
(562
)
 
BBB-
  
Baa2
 
Wells Fargo (Corestates Capital) Trust
  
4,444
   
4,400
   
(44
)
 
BBB+
  A3 
Total
 
$
19,368
  
$
17,500
  
$
(1,868
)
        

 
(1)
Trust preferred securities are single-issuance.  There are no known deferrals, defaults or excess subordination.
Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at September 30, 2015, and 2014, are as follows:
 
Available For Sale
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
 
At September 30, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
-
  
$
-
  
$
12,667
  
$
(2,263
)
 
$
12,667
  
$
(2,263
)
Non-bank qualified obligations of states and political subdivisions
  
97,006
   
(860
)
  
42,583
   
(955
)
  
139,589
   
(1,815
)
Mortgage-backed securities
  
448,988
   
(4,301
)
  
48,079
   
(564
)
  
497,067
   
(4,865
)
Total debt securities
  
545,994
   
(5,161
)
  
103,329
   
(3,782
)
  
649,323
   
(8,943
)
Common equities and mutual funds
  
-
   
-
   
121
   
(8
)
  
121
   
(8
)
Total available for sale securities
 
$
545,994
  
$
(5,161
)
 
$
103,450
  
$
(3,790
)
 
$
649,444
  
$
(8,951
)

  
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2014
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
6,073
  
$
(47
)
 
$
25,359
  
$
(1,962
)
 
$
31,432
  
$
(2,009
)
Small Business Administration securities
  
8,454
   
(72
)
  
-
   
-
   
8,454
   
(72
)
Non-bank qualified obligations of states and political subdivisions
  
27,062
   
(70
)
  
191,146
   
(3,741
)
  
218,208
   
(3,811
)
Mortgage-backed securities
  
238,980
   
(1,248
)
  
234,347
   
(8,091
)
  
473,327
   
(9,339
)
Total debt securities
  
280,569
   
(1,437
)
  
450,852
   
(13,794
)
  
731,421
   
(15,231
)
Common equities and mutual funds
  
123
   
(5
)
  
-
   
-
   
123
   
(5
)
Total available for sale securities
 
$
280,692
  
$
(1,442
)
 
$
450,852
  
$
(13,794
)
 
$
731,544
  
$
(15,236
)
Gross Unrealized Losses and Fair Value of Securities Held to Maturity in Continuous Unrealized Loss Position
Held To Maturity
 
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2015
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Obligations of states and political subdivisions
 
$
5,528
  
$
(34
)
 
$
7,964
  
$
(153
)
 
$
13,492
  
$
(187
)
Non-bank qualified obligations of states and political subdivisions
  
78,663
   
(365
)
  
4,136
   
(54
)
  
82,799
   
(419
)
Mortgage-backed securities
  
5,509
   
(43
)
  
60,595
   
(430
)
  
66,104
   
(473
)
Total held to maturity securities
 
$
89,700
  
$
(442
)
 
$
72,695
  
$
(637
)
 
$
162,395
  
$
(1,079
)

  
LESS THAN 12 MONTHS
  
OVER 12 MONTHS
  
TOTAL
 
At September 30, 2014
 
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
  
Fair
Value
  
Unrealized
(Losses)
 
  
(Dollars in Thousands)
 
Debt securities
 
  
  
  
  
  
 
Obligations of states and political subdivisions
 
$
1,056
  
$
(2
)
 
$
14,079
  
$
(370
)
 
$
15,135
  
$
(372
)
Non-bank qualified obligations of states and political subdivisions
  
-
   
-
   
147,949
   
(2,329
)
  
147,949
   
(2,329
)
Mortgage-backed securities
  
-
   
-
   
68,172
   
(1,862
)
  
68,172
   
(1,862
)
Total held to maturity securities
 
$
1,056
  
$
(2
)
 
$
230,200
  
$
(4,561
)
 
$
231,256
  
$
(4,563
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities by contractual maturity are shown below.  Certain securities have call features which allow the issuer to call the security prior to maturity.  Expected maturities may differ from contractual maturities in mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.  Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary.  The expected maturities of certain Small Business Administration securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.
 
Available For Sale
 
 
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2015
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
-
  
$
-
 
Due after one year through five years
  
1,174
   
1,207
 
Due after five years through ten years
  
370,087
   
376,394
 
Due after ten years
  
302,596
   
300,989
 
   
673,857
   
678,590
 
Mortgage-backed securities
  
580,165
   
576,583
 
Common equities and mutual funds
  
639
   
914
 
Total available for sale securities
 
$
1,254,661
  
$
1,256,087
 

  
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2014
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
2,999
  
$
3,048
 
Due after one year through five years
  
9,922
   
10,079
 
Due after five years through ten years
  
285,413
   
285,698
 
Due after ten years
  
185,851
   
182,696
 
   
484,185
   
481,521
 
Mortgage-backed securities
  
663,690
   
657,870
 
Common equities and mutual funds
  
539
   
825
 
Total available for sale securities
 
$
1,148,414
  
$
1,140,216
 

Held To Maturity
 
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2015
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
95
  
$
96
 
Due after one year through five years
  
8,411
   
8,430
 
Due after five years through ten years
  
140,145
   
140,505
 
Due after ten years
  
130,516
   
131,712
 
   
279,167
   
280,743
 
Mortgage-backed securities
  
66,577
   
66,104
 
Total held to maturity securities
 
$
345,744
  
$
346,847
 

  
AMORTIZED
COST
  
FAIR
VALUE
 
At September 30, 2014
 
(Dollars in Thousands)
 
  
  
 
Due in one year or less
 
$
347
  
$
348
 
Due after one year through five years
  
4,726
   
4,718
 
Due after five years through ten years
  
91,532
   
89,984
 
Due after ten years
  
116,294
   
116,090
 
   
212,899
   
211,140
 
Mortgage-backed securities
  
70,034
   
68,172
 
Total held to maturity securities
 
$
282,933
  
$
279,312
 
Summary of Activities Related to Sale of Securities Available for Sale
Activities related to the sale of securities available for sale are summarized below.
 
  
2015
  
2014
  
2013
 
September 30,
 
(Dollars in Thousands)
 
       
Proceeds from sales
 
$
566,371
  
$
166,804
  
$
209,172
 
Gross gains on sales
  
2,753
   
2,292
   
2,947
 
Gross losses on sales
  
4,387
   
2,185
   
401
 
v3.3.1.900
PREMISES, FURNITURE, AND EQUIPMENT, NET (Tables)
 12 Months Ended
Sep. 30, 2015
PREMISES, FURNITURE, AND EQUIPMENT, NET [Abstract]  
Summary of Year-End Premises and Equipment
Year-end premises and equipment were as follows:
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Land
 
$
1,578
  
$
1,673
 
Buildings
  
10,315
   
12,275
 
Furniture, fixtures, and equipment
  
35,571
   
30,947
 
Capitalized leases
  
2,259
   
-
 
   
49,723
   
44,895
 
Less: accumulated depreciation and amortization
  
(32,330
)
  
(28,433
)
Net book value
 
$
17,393
  
$
16,462
 
v3.3.1.900
TIME CERTIFICATES OF DEPOSITS (Tables)
 12 Months Ended
Sep. 30, 2015
TIME CERTIFICATES OF DEPOSITS [Abstract]  
Scheduled Maturities of Time Certificates of Deposits
At September 30, 2015, the scheduled maturities of time certificates of deposits were as follows for the years ending:
 
September 30,
  
(Dollars in Thousands)
  
   
2016
 
$
66,964
 
2017
  
13,638
 
2018
  
5,594
 
2019
  
2,787
 
2020
  
2,188
 
Thereafter
  
-
 
Total Certificates
 
$
91,171
 
v3.3.1.900
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS (Tables)
 12 Months Ended
Sep. 30, 2015
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS [Abstract]  
Scheduled Maturities of FHLB Advances
At September 30, 2015, the Company’s advances from the FHLB had fixed rates ranging from 6.97% to 7.01% with a weighted-average rate of 6.98%.  The scheduled maturities of FHLB advances were as follows for the years ending:
 
September 30,
  
(Dollars in Thousands)
  
   
2016
 
$
-
 
2017
  
-
 
2018
  
-
 
2019
  
5,000
 
2020
  
2,000
 
Thereafter
  
-
 
Total FHLB Advances
 
$
7,000
 
v3.3.1.900
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)
 12 Months Ended
Sep. 30, 2015
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]  
Analysis of Securities Sold under Agreements to Repurchase
An analysis of securities sold under agreements to repurchase follows:

September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Highest month-end balance
 
$
17,400
  
$
33,999
 
Average balance
  
10,883
   
10,137
 
Weighted average interest rate for the year
  
0.52
%
  
0.52
%
Weighted average interest rate at year end
  
0.58
%
  
0.52
%
v3.3.1.900
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS (Tables)
 12 Months Ended
Sep. 30, 2015
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]  
Year-End ESOP Shares
Year-end ESOP shares are as follows:
 
September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Allocated shares
  
256,283
   
239,879
   
223,868
 
Unearned shares
  
-
   
-
   
-
 
Total ESOP shares
  
256,283
   
239,879
   
223,868
 
             
Fair value of unearned shares
 
$
-
  
$
-
  
$
-
 
v3.3.1.900
SHARE BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Sep. 30, 2015
SHARE BASED COMPENSATION PLANS [Abstract]  
Effect to Income, Net of Tax Benefits, of Share-Based Expense Recorded
The following table shows the effect to income, net of tax benefits, of share-based expense recorded in the years ended September 30, 2015, 2014 and 2013.
 
Year Ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
Total employee stock-based compensation expense recognized in income, net of tax effects of $192, $66 and $51, respectively
 
$
334
  
$
120
  
$
103
 
Activity of Options
The following tables show the activity of options and nonvested (restricted) shares granted, exercised or forfeited under all of the Company’s option and incentive plans during the years ended September 30, 2015 and 2014.
 
  
Number
of
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining
Contractual
Term (Yrs)
  
Aggregate
Intrinsic
Value
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
         
Options outstanding, September 30, 2014
  
235,766
  
$
25.20
   
3.78
  
$
2,507
 
Granted
  
-
   
-
   
-
   
-
 
Exercised
  
(46,678
)
  
22.98
   
-
   
925
 
Forfeited or expired
  
-
   
-
   
-
   
-
 
Options outstanding, September 30, 2015
  
189,088
  
$
25.74
   
3.16
  
$
3,027
 
                 
Options exercisable end of year
  
189,088
  
$
25.74
   
3.16
  
$
3,027
 

  
Number
of
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining
Contractual
Term (Yrs)
  
Aggregate
Intrinsic
Value
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
         
Options outstanding, September 30, 2013
  
318,648
  
$
24.44
   
4.18
  
$
4,376
 
Granted
  
-
   
-
   
-
   
-
 
Exercised
  
(82,882
)
  
22.31
   
-
   
1,389
 
Forfeited or expired
  
-
   
-
   
-
   
-
 
Options outstanding, September 30, 2014
  
235,766
  
$
25.20
   
3.78
  
$
2,507
 
                 
Options exercisable end of year
  
235,766
  
$
25.20
   
3.78
  
$
2,507
 
Activity of Nonvested (Restricted) Shares
The following tables show the activity of options and nonvested (restricted) shares granted, exercised or forfeited under all of the Company’s option and incentive plans during the years ended September 30, 2015 and 2014.
 
  
Number of
Shares
  
Weighted Average
Fair Value At Grant
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
     
Nonvested shares outstanding, September 30, 2014
  
4,000
  
$
28.61
 
Granted
  
51,217
   
41.10
 
Vested
  
(11,215
)
  
37.81
 
Forfeited or expired
  
-
   
-
 
Nonvested shares outstanding, September 30, 2015
  
44,002
  
$
40.80
 

  
Number of
Shares
  
Weighted Average
Fair Value At Grant
 
  
(Dollars in Thousands, Except Share and Per Share Data)
 
     
Nonvested shares outstanding, September 30, 2013
  
4,000
  
$
25.67
 
Granted
  
4,267
   
37.82
 
Vested
  
(4,267
)
  
35.07
 
Forfeited or expired
  
-
   
-
 
Nonvested shares outstanding, September 30, 2014
  
4,000
  
$
28.61
 
v3.3.1.900
INCOME TAXES (Tables)
 12 Months Ended
Sep. 30, 2015
INCOME TAXES [Abstract]  
Provision for Income Taxes
The Company and its subsidiaries file a consolidated federal income tax return on a fiscal year basis. The provision for income taxes consists of:
 
Years ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
Federal:
      
Current
 
$
4,217
  
$
3,787
  
$
2,847
 
Deferred
  
(3,896
)
  
(1,765
)
  
(536
)
   
321
   
2,022
   
2,311
 
             
State:
            
Current
  
1,048
   
874
   
1,252
 
Deferred
  
(1
)
  
10
   
141
 
   
1,047
   
884
   
1,393
 
             
Income tax expense
 
$
1,368
  
$
2,906
  
$
3,704
 
Reconciliation of Total Income Tax Expense
Total income tax expense differs from the statutory federal income tax rate as follows:
 
Years ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
       
Income tax expense at federal tax rate
 
$
6,798
  
$
6,517
  
$
5,993
 
Increase (decrease) resulting from:
            
State income taxes net of federal benefit
  
692
   
575
   
1,092
 
Nontaxable buildup in cash surrender value
  
(711
)
  
(399
)
  
(349
)
Incentive stock option expense
  
(37
)
  
(187
)
  
(97
)
Tax exempt income
  
(5,230
)
  
(3,594
)
  
(2,815
)
Nondeductible expenses
  
188
   
120
   
41
 
Other, net
  
(332
)
  
(126
)
  
(161
)
Total income tax expense (benefit)
 
$
1,368
  
$
2,906
  
$
3,704
 
Components of Net Deferred Tax Asset (Liability)
The components of the net deferred tax asset (liability) at September 30, 2015 and 2014 are:
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
Deferred tax assets:
    
Bad debts
 
$
2,286
  
$
1,955
 
Deferred compensation
  
1,040
   
708
 
Stock based compensation
  
235
   
271
 
Operational reserve
  
453
   
464
 
AMT Credit
  
4,490
   
2,239
 
Intangibles
  
573
     
Net unrealized losses on securities available for sale
  
-
   
2,969
 
Indirect tax benefits of unrecognized tax positions
  
384
   
376
 
Other assets
  
1,293
   
759
 
   
10,754
   
9,741
 
         
Deferred tax liabilities:
        
FHLB stock dividend
  
(414
)
  
(410
)
Premises and equipment
  
(1,222
)
  
(1,060
)
Patents
  
(967
)
  
(937
)
Prepaid expenses
  
(633
)
  
(743
)
Net unrealized gains on securities available for sale
  
(521
)
  
-
 
Deferred loan fees
  
-
   
-
 
   
(3,757
)
  
(3,150
)
         
Net deferred tax assets (liabilities)
 
$
6,997
  
$
6,591
 
Reconciliation of Liabilities Associated with Unrecognized Tax Benefits
A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended September 30, 2015, and 2014 follows:
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
     
Balance at beginning of year
 
$
983
  
$
931
 
Additions for tax positions related to the current year
  
49
   
118
 
Additions for tax positions related to the prior years
  
4
   
-
 
Reductions for tax positions due to settlement with taxing authorities
  
(62
)
  
(16
)
Reductions for tax positions related to prior years
  
-
   
(50
)
Balance at end of year
 
$
974
  
$
983
 
v3.3.1.900
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Tables)
 12 Months Ended
Sep. 30, 2015
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS [Abstract]  
Bank's Actual and Required Capital Amount and Ratios
The table below includes certain non-GAAP financial measures that are used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies.  Management reviews these measures along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity.
 
  
Company (Actual)
  
Bank (Actual)
  
Minimum
Requirement For
Capital Adequacy
Purposes
  
Minimum Requirement
To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
 
  
Amount
  
Ratio
  
Amount
  
Ratio
  
Amount
  
Ratio
  
Amount
  
Ratio
 
  
(Dollars in Thousands)
 
September 30, 2015
                
                 
Tier 1 (core) capital (to adjusted total assets)
 
$
224,426
   
9.36
%
 
$
213,220
   
8.89
%
 
$
8,977
   
4.00
%
 
$
11,221
   
5.00
%
Common equity Tier 1 (to risk-weighted assets)
  
216,931
   
19.85
   
213,220
   
19.52
   
9,762
   
4.50
   
14,101
   
6.50
 
Tier 1 (core) capital (to risk-weighted assets)
  
224,426
   
20.54
   
213,220
   
19.52
   
13,466
   
6.00
   
17,954
   
8.00
 
Total qualifying capital (to risk-weighted assets)
  
230,820
   
21.12
   
219,614
   
20.11
   
18,466
   
8.00
   
23,082
   
10.00
 
                                 
September 30, 2014
                                
                                 
Tangible capital (to tangible assets)
 
$
176,388
   
8.60
%
 
$
176,388
   
8.60
%
 
$
30,771
   
1.50
%
 
$
n/
a
  
n/a
%
Tier 1 (core) capital (to adjusted total assets)
  
176,388
   
8.60
   
176,388
   
8.60
   
82,057
   
4.00
   
102,571
   
5.00
 
Tier 1 (core) capital (to risk-weighted assets)
  
176,388
   
20.95
   
176,388
   
20.95
   
33,672
   
4.00
   
50,508
   
6.00
 
Total risk based capital (to risk-weighted assets)
  
181,786
   
21.59
   
181,786
   
21.59
   
67,344
   
8.00
   
84,180
   
10.00
 
Reconciliation of Required Capital Amount and Ratios
The following table provides a reconciliation of the amounts included in the table above for the Company.
 
  
Standardized Approach (1)
September 30, 2015
 
  
(Dollars in Thousands)
 
   
Total equity
 
$
271,335
 
Adjustments:
    
LESS: Goodwill, net of associated deferred tax liabilities
  
36,642
 
LESS: Certain other intangible assets
  
13,431
 
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards
  
1,876
 
LESS: Net unrealized gains (losses) on available-for-sale securities
  
2,455
 
Common Equity Tier 1 (1)
  
216,931
 
Long-term debt and other instruments qualifying as Tier 1
  
10,310
 
LESS: Additional tier 1 capital deductions
  
2,815
 
Total Tier 1 capital
  
224,426
 
Allowance for loan losses
  
6,394
 
Total qualifying capital
  
230,820
 

(1)Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio.  Those changes became effective for the Company on January 1, 2015, and are being fully phased in through the end of 2021.  The capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015.
v3.3.1.900
LEASE COMMITMENTS (Tables)
 12 Months Ended
Sep. 30, 2015
LEASE COMMITMENTS [Abstract]  
Total Minimum Rental Commitment for Operating and Capital Leases
The following table shows the total minimum rental commitment for our operating and capital leases as of September 30, 2015.

  
Year Ended September 30,
 
  
(Dollars in Thousands)
 
     
  
Operating
Leases
  
Capital
Leases
 
2016
 
$
1,708
  
$
252
 
2017
  
1,752
   
201
 
2018
  
1,464
   
179
 
2019
  
1,394
   
179
 
2020
  
1,277
   
182
 
Thereafter
  
12,476
   
2,604
 
Total Leases Commitments
 
$
20,071
  
$
3,597
 
         
Amounts representing interest
     
$
1,454
 
Present value of net minimum lease payments
      
2,143
 
v3.3.1.900
SEGMENT REPORTING (Tables)
 12 Months Ended
Sep. 30, 2015
SEGMENT REPORTING [Abstract]  
Segment Information of Entity
Transactions between affiliates, the resulting revenues of which are shown in the intersegment revenue category, are conducted at market prices, meaning prices that would be paid if the companies were not affiliates.
 
  
Retail
Banking
  
Meta Payment
Systems®
  
All Others
  
Total
 
         
Year Ended September 30, 2015
        
Interest income
 
$
33,980
  
$
21,590
  
$
6,037
  
$
61,607
 
Interest expense
  
1,675
   
169
   
543
   
2,387
 
Net interest income (expense)
  
32,305
   
21,421
   
5,494
   
59,220
 
Provision (recovery) for loan losses
  
1,000
   
-
   
465
   
1,465
 
Non-interest income
  
2,243
   
54,417
   
1,514
   
58,174
 
Non-interest expense
  
23,780
   
66,415
   
6,311
   
96,506
 
Income (loss) before income tax expense (benefit)
  
9,768
   
9,423
   
232
   
19,423
 
Income tax expense (benefit)
  
688
   
663
   
17
   
1,368
 
Net income (loss)
 
$
9,080
  
$
8,760
  
$
215
  
$
18,055
 
                 
Inter-segment revenue (expense)
 
$
(16,547
)
 
$
16,547
  
$
-
  
$
-
 
Total assets
  
840,177
   
1,579,856
   
109,672
   
2,529,705
 
Total deposits
  
242,580
   
1,424,304
   
(9,350
)
  
1,657,534
 

  
Retail
Banking
  
Meta Payment
Systems®
  
All Others
  
Total
 
         
Year Ended September 30, 2014
        
Interest income
 
$
31,635
  
$
17,025
  
$
-
  
$
48,660
 
Interest expense
  
1,926
   
124
   
348
   
2,398
 
Net interest income (expense)
  
29,709
   
16,901
   
(348
)
  
46,262
 
Provision (recovery) for loan losses
  
1,150
   
-
   
-
   
1,150
 
Non-interest income
  
3,214
   
48,524
   
-
   
51,738
 
Non-interest expense
  
21,227
   
56,234
   
770
   
78,231
 
Income (loss) before income tax expense (benefit)
  
10,546
   
9,191
   
(1,118
)
  
18,619
 
Income tax expense (benefit)
  
1,846
   
1,482
   
(422
)
  
2,906
 
Net income (loss)
 
$
8,700
  
$
7,709
  
$
(696
)
 
$
15,713
 
                 
Inter-segment revenue (expense)
 
$
12,793
  
$
(12,793
)
 
$
-
  
$
-
 
Total assets
  
805,494
   
1,245,110
   
3,427
   
2,054,031
 
Total deposits
  
273,399
   
1,099,548
   
(6,406
)
  
1,366,541
 
 
 
Retail
Banking
  
Meta Payment
Systems®
  
All Others
  
Total
 
         
Year Ended September 30, 2014
        
Interest income
 
$
24,169
  
$
14,807
  
$
-
  
$
38,976
 
Interest expense
  
2,361
   
124
   
469
   
2,954
 
Net interest income (expense)
  
21,808
   
14,683
   
(469
)
  
36,022
 
Provision (recovery) for loan losses
  
-
   
-
   
-
   
-
 
Non-interest income
  
5,226
   
50,290
   
(13
)  
55,503
 
Non-interest expense
  
19,479
   
53,983
   
941
   
74,403
 
Income (loss) before income tax expense (benefit)
  
7,555
   
10,990
   
(1,423
)
  
17,122
 
Income tax expense (benefit)
  
1,615
   
2,611
   
(522
)
  
3,704
 
Net income (loss)
 
$
5,940
  
$
8,379
  
$
(901
)
 
$
13,418
 
                 
Inter-segment revenue (expense)
 
$
12,106
  
$
(12,106
)
 
$
-
  
$
-
 
Total assets
  
487,754
   
1,201,531
   
2,704
   
1,691,989
 
Total deposits
  
260,525
   
1,063,770
   
(9,012
)
  
1,315,283
 
v3.3.1.900
PARENT COMPANY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Sep. 30, 2015
PARENT COMPANY FINANCIAL STATEMENTS [Abstract]  
Condensed Statements of Financial Condition
CONDENSED STATEMENTS OF FINANCIAL CONDITION
 
September 30,
 
2015
  
2014
 
  
(Dollars in Thousands)
 
ASSETS
    
Cash and cash equivalents
 
$
14,280
  
$
9,439
 
Investment in subsidiaries
  
267,623
   
175,568
 
Other assets
  
408
   
393
 
Total assets
 
$
282,311
  
$
185,400
 
         
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
LIABILITIES
        
Subordinated debentures
 
$
10,310
  
$
10,310
 
Other liabilities
  
666
   
288
 
Total liabilities
 
$
10,976
  
$
10,598
 
         
STOCKHOLDERS' EQUITY
        
Common stock
 
$
82
  
$
62
 
Additional paid-in capital
  
170,749
   
95,079
 
Retained earnings
  
98,359
   
83,797
 
Accumulated other comprehensive income (loss)
  
2,455
   
(3,409
)
Treasury stock, at cost
  
(310
)
  
(727
)
Total stockholders' equity
 
$
271,335
  
$
174,802
 
Total liabilities and stockholders' equity
 
$
282,311
  
$
185,400
 
Condensed Statements of Operations
CONDENSED STATEMENTS OF OPERATIONS
 
Years ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
Total other income
 
$
-
  
$
-
  
$
-
 
             
Interest expense
  
418
   
348
   
469
 
Other expense
  
269
   
770
   
941
 
Total expense
  
687
   
1,118
   
1,410
 
             
Gain (loss) before income taxes and equity in undistributed net income of subsidiaries
  
(687
)
  
(1,118
)
  
(1,410
)
             
Income tax benefit
  
(324
)
  
(422
)
  
(509
)
             
Gain (loss) before equity in undistributed net income of subsidiaries
  
(363
)
  
(696
)
  
(901
)
             
Equity in undistributed net income of subsidiaries
  
18,418
   
16,409
   
14,319
 
             
Net income
 
$
18,055
  
$
15,713
  
$
13,418
 
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
 
For the Years Ended September 30,
 
2015
  
2014
  
2013
 
  
(Dollars in Thousands)
 
CASH FLOWS FROM OPERATING ACTIVITIES
      
Net income
 
$
18,055
  
$
15,713
  
$
13,418
 
Adjustments to reconcile net income to net cash provided by (used in) operating activites
            
Depreciation, amortization and accretion, net
  
-
   
(310
)
  
-
 
Equity in undistributed net income of subsidiaries
  
(18,418
)
  
(16,409
)
  
(14,319
)
Change in other assets
  
(15
)
  
246
   
54
 
Change in other liabilities
  
378
   
(332
)
  
(339
)
Net cash provided by (used in) operating activities
  
(0
)
  
(1,092
)
  
(1,186
)
             
CASH FLOWS FROM INVESTING ACTIVITES
            
Capital contributions to subsidiaries
  
(67,600
)
  
-
   
(6,000
)
Net cash provided by (used in) investing activites
  
(67,600
)
  
-
   
(6,000
)
             
CASH FLOWS FROM FINANCING ACTIVITIES
            
Cash dividends paid
  
(3,493
)
  
(3,184
)
  
(2,926
)
Stock compensation
  
253
   
4
   
165
 
Proceeds from issuance of common stock
  
75,471
   
(51
)
  
12,718
 
Proceeds from exercise of stock options
  
210
   
2,376
   
2,548
 
Other, net
  
-
   
-
   
(38
)
Net cash provided by (used in) financing activities
  
72,441
   
(855
)
  
12,467
 
             
Net change in cash and cash equivalents
 
$
4,841
  
$
(1,947
)
 
$
5,281
 
             
CASH AND CASH EQUIVALENTS
            
Beginning of year
 
$
9,439
  
$
11,386
  
$
6,105
 
End of year
 
$
14,280
  
$
9,439
  
$
11,386
 
v3.3.1.900
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
 12 Months Ended
Sep. 30, 2015
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]  
Selected Quarterly Financial Data
  
QUARTER ENDED
 
  
December 31
  
March 31
  
June 30
  
September 30
 
  
(Dollars in Thousands)
 
         
Fiscal Year 2015
        
Interest income
 
$
14,232
  
$
15,758
  
$
15,254
  
$
16,363
 
Interest expense
  
661
   
473
   
593
   
660
 
Net interest income
  
13,571
   
15,285
   
14,661
   
15,703
 
Provision (recovery) for loan losses
  
48
   
593
   
700
   
124
 
Net Income (loss)
  
3,595
   
5,181
   
4,640
   
4,639
 
Earnings (loss) per common and common equivalent share
                
Basic
 
$
0.58
  
$
0.79
  
$
0.67
  
$
0.64
 
Diluted
  
0.58
   
0.78
   
0.66
   
0.64
 
Dividend declared per share
  
0.13
   
0.13
   
0.13
   
0.13
 
                 
Fiscal Year 2014
                
Interest income
 
$
11,162
  
$
12,063
  
$
12,566
  
$
12,869
 
Interest expense
  
649
   
544
   
638
   
567
 
Net interest income
  
10,513
   
11,519
   
11,928
   
12,302
 
Provision (recovery) for loan losses
  
-
   
300
   
300
   
550
 
Net Income (loss)
  
4,002
   
4,144
   
4,204
   
3,363
 
Earnings (loss) per common and common equivalent share
                
Basic
 
$
0.66
  
$
0.68
  
$
0.69
  
$
0.54
 
Diluted
  
0.65
   
0.67
   
0.68
   
0.53
 
Dividend declared per share
  
0.13
   
0.13
   
0.13
   
0.13
 
                 
Fiscal Year 2013
                
Interest income
 
$
9,630
  
$
9,718
  
$
9,825
  
$
9,803
 
Interest expense
  
833
   
813
   
666
   
642
 
Net interest income
  
8,797
   
8,905
   
9,159
   
9,161
 
Provision (recovery) for loan losses
  
-
   
(300
)
  
-
   
300
 
Net Income (loss)
  
3,125
   
3,147
   
3,672
   
3,474
 
Earnings (loss) per common and common equivalent share
                
Basic
 
$
0.57
  
$
0.57
  
$
0.67
  
$
0.59
 
Diluted
  
0.57
   
0.57
   
0.66
   
0.58
 
Dividend declared per share
  
0.13
   
0.13
   
0.13
   
0.13
 
v3.3.1.900
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Sep. 30, 2015
FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]  
Summary of Fair Values of Securities Available for Sale and Held to Maturity
The following table summarizes the fair values of securities available for sale and held to maturity at September 30, 2015 and 2014.  Securities available for sale are measured at fair value on a recurring basis, while securities held to maturity are carried at amortized cost in the consolidated statements of financial condition.
 
 
 
Fair Value At September 30, 2015
 
 
 
Available For Sale
  
Held to Maturity
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Level 1
  
Level 2
  
Level 3
 
Debt securities
 
  
  
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
13,944
  
$
-
  
$
13,944
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
 
Small business administration securities
  
56,056
   
-
   
56,056
   
-
   
-
   
-
   
-
   
-
 
Obligations of states and political subdivisions
  
-
   
-
   
-
   
-
   
19,413
   
-
   
19,413
   
-
 
Non-bank qualified obligations of states and political subdivisions
  
608,590
   
-
   
608,590
   
-
   
261,330
   
-
   
261,330
   
-
 
Mortgage-backed securities
  
576,583
   
-
   
576,583
   
-
   
66,104
   
-
   
66,104
   
-
 
Total debt securities
  
1,255,173
   
-
   
1,255,173
   
-
   
346,847
   
-
   
346,847
   
-
 
Common equities and mutual funds
  
914
   
914
   
-
   
-
   
-
   
-
   
-
   
-
 
Total securities
 
$
1,256,087
  
$
914
  
$
1,255,173
  
$
-
  
$
346,847
  
$
-
  
$
346,847
  
$
-
 

  
Fair Value At September 30, 2014
 
  
Available For Sale
  
Held to Maturity
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
  
Total
  
Level 1
  
Level 2
  
Level 3
 
Debt securities
 
  
  
  
  
  
  
  
 
Trust preferred and corporate securities
 
$
46,929
  
$
-
  
$
46,929
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
 
Small business administration securities
  
67,012
   
-
   
67,012
   
-
   
-
   
-
   
-
   
-
 
Obligations of states and political subdivisions
  
-
   
-
   
-
   
-
   
18,980
   
-
   
18,980
   
-
 
Non-bank qualified obligations of states and political subdivisions
  
367,580
   
-
   
367,580
   
-
   
192,160
   
-
   
192,160
   
-
 
Mortgage-backed securities
  
657,870
   
-
   
657,870
   
-
   
68,172
   
-
   
68,172
   
-
 
Total debt securities
  
1,139,391
   
-
   
1,139,391
   
-
   
279,312
   
-
   
279,312
   
-
 
Common equities and mutual funds
  
825
   
825
   
-
   
-
   
-
   
-
   
-
   
-
 
Total securities
 
$
1,140,216
  
$
825
  
$
1,139,391
  
$
-
  
$
279,312
  
$
-
  
$
279,312
  
$
-
 
Assets Measured at Fair Value on Nonrecurring Basis
The following table summarizes the assets of the Company that are measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of September 30, 2015 and 2014.
 
  
Fair Value at September 30, 2015
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Impaired Loans, net
        
Commercial and multi-family real estate loans
 
$
663
  
$
-
  
$
-
  
$
663
 
Agricultural operating loans
  
1,880
   
-
   
-
   
1,880
 
Total
 
$
2,543
  
$
-
  
$
-
  
$
2,543
 

  
Fair Value at September 30, 2014
 
(Dollars in Thousands)
 
Total
  
Level 1
  
Level 2
  
Level 3
 
Impaired Loans, net
        
One to four family residential mortgage loans
 
$
222
  
$
-
  
$
-
  
$
222
 
Commercial and multi-family real estate loans
  
930
   
-
   
-
   
930
 
Total Impaired Loans
  
1,152
   
-
   
-
   
1,152
 
Foreclosed Assets, net
  
15
   
-
   
-
   
15
 
Total
 
$
1,167
  
$
-
  
$
-
  
$
1,167
 
Quantitative Information about Level 3 Fair Value Measurements
  
Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)
 
Fair Value at
September 30, 2015
  
Fair Value at
September 30, 2014
 
Valuation
Technique
Unobservable
Input
           
Impaired Loans, net
 
$
2,543
  
$
1,152
 
Market approach
Appraised values (1)
Foreclosed Assets, net
  
-
   
15
 
Market approach
Appraised values (1)

(1)
The Company generally relies on external appraisers to develop this information.  Management reduced the appraised value by estimated selling costs in a range of 4% to 10%.
Carrying Amount and Estimated Fair Value of Financial Instruments
The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at September 30, 2015 and 2014.

  
September 30, 2015
 
  
Carrying
Amount
  
Estimated
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
  
(Dollars in Thousands)
 
Financial assets
          
Cash and cash equivalents
 
$
27,658
  
$
27,658
  
$
27,658
  
$
-
  
$
-
 
                     
Securities available for sale
  
1,256,087
   
1,256,087
   
914
   
1,255,173
   
-
 
Securities held to maturity
  
345,743
   
346,847
   
-
   
346,847
   
-
 
Total securities
  
1,601,830
   
1,602,934
   
914
   
1,602,020
   
-
 
                     
Loans receivable:
                    
One to four family residential mortgage loans
  
125,021
   
121,385
   
-
   
-
   
121,385
 
Commercial and multi-family real estate loans
  
310,199
   
314,372
   
-
   
-
   
314,372
 
Agricultural real estate loans
  
64,316
   
66,682
   
-
   
-
   
66,682
 
Consumer loans
  
33,527
   
33,504
   
-
   
-
   
33,504
 
Commercial operating loans
  
29,893
   
23,245
   
-
   
-
   
23,245
 
Agricultural operating loans
  
43,626
   
40,003
   
-
   
-
   
40,003
 
Premium finance loans
  
106,505
   
108,583
   
-
   
-
   
108,583
 
Total loans receivable
  
713,087
   
707,774
   
-
   
-
   
707,774
 
                     
Federal Home Loan Bank stock
  
24,410
   
24,410
   
-
   
24,410
   
-
 
Accrued interest receivable
  
13,352
   
13,352
   
13,352
   
-
   
-
 
                     
Financial liabilities
                    
Noninterest bearing demand deposits
  
1,449,101
   
1,369,672
   
1,369,672
   
-
   
-
 
Interest bearing demand deposits, savings, and money markets
  
117,262
   
115,204
   
115,204
   
-
   
-
 
Certificates of deposit
  
91,171
   
91,304
   
-
   
91,304
   
-
 
Total deposits
  
1,657,534
   
1,576,180
   
1,484,876
   
91,304
   
-
 
                     
Advances from Federal Home Loan Bank
  
7,000
   
8,630
   
-
   
8,630
   
-
 
Federal funds purchased
  
540,000
   
540,000
   
-
   
540,000
   
-
 
Securities sold under agreements to repurchase
  
4,007
   
4,007
   
-
   
4,007
   
-
 
Subordinated debentures
  
10,310
   
10,416
   
-
   
10,416
   
-
 
Accrued interest payable
  
272
   
272
   
272
   
-
   
-
 

  
September 30, 2014
 
  
Carrying
Amount
  
Estimated
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
  
(Dollars in Thousands)
 
Financial assets
          
Cash and cash equivalents
 
$
29,832
  
$
29,832
  
$
29,832
  
$
-
  
$
-
 
                     
Securities available for sale
  
1,140,216
   
1,140,216
   
825
   
1,139,391
   
-
 
Securities held to maturity
  
282,933
   
279,312
   
-
   
279,312
   
-
 
Total securities
  
1,423,149
   
1,419,528
   
825
   
1,418,703
   
-
 
                     
Loans receivable:
                    
One to four family residential mortgage loans
  
116,395
   
111,254
   
-
   
-
   
111,254
 
Commercial and multi-family real estate loans
  
224,302
   
234,845
   
-
   
-
   
234,845
 
Agricultural real estate loans
  
56,071
   
58,651
   
-
   
-
   
58,651
 
Consumer loans
  
29,329
   
29,580
   
-
   
-
   
29,580
 
Commercial operating loans
  
30,846
   
25,660
   
-
   
-
   
25,660
 
Agricultural operating loans
  
42,258
   
44,398
   
-
   
-
   
44,398
 
Total loans receivable
  
499,201
   
504,388
   
-
   
-
   
504,388
 
                     
Federal Home Loan Bank stock
  
21,245
   
21,245
   
-
   
21,245
   
-
 
Accrued interest receivable
  
11,222
   
11,222
   
11,222
   
-
   
-
 
                     
Financial liabilities
                    
Noninterest bearing demand deposits
  
1,126,715
   
1,126,715
   
1,126,715
   
-
   
-
 
Interest bearing demand deposits, savings, and money markets
  
105,273
   
105,273
   
105,273
   
-
   
-
 
Certificates of deposit
  
134,553
   
134,746
   
-
   
134,746
   
-
 
Total deposits
  
1,366,541
   
1,366,734
   
1,231,988
   
134,746
   
-
 
                     
Advances from Federal Home Loan Bank
  
7,000
   
8,789
   
-
   
8,789
   
-
 
Federal funds purchased
  
470,000
   
470,000
   
-
   
470,000
   
-
 
Securities sold under agreements to repurchase
  
10,411
   
10,414
   
-
   
10,414
   
-
 
Subordinated debentures
  
10,310
   
10,415
   
-
   
10,415
   
-
 
Accrued interest payable
  
318
   
318
   
318
   
-
   
-
 
v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Sep. 30, 2015
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
Summary of Amortizable Intangible Assets
As part of the each business combination, the Company also recognized the following amortizable intangible assets:
 
AFS/IBEX:
 
Intangible
 
Amount
  
Book Amortization
Period (Years)
 
Method
         
Trademark
 
$
540
   
15
 
Straight Line
Non-Compete
 
$
260
   
3
 
Straight Line
Customer Relationships
 
$
7,240
   
30
 
Accelerated
Other
 
$
173
  
Varied
 
Straight Line

Refund Advantage:
 
Intangible
 
Amount
  
Book Amortization
Period (Years)
 
Method
         
Trademark
 
$
4,950
   
15
 
Accelerated
Non-Compete
 
$
40
   
3
 
Straight Line
Customer Relationships
 
$
18,800
  
12 to 20
 
Accelerated
Other
 
$
329
  
Varied
 
Straight Line
Changes in Carrying Amount of Goodwill and Intangible Assets
The changes in the carrying amount of the Company’s goodwill and intangible assets for the years ended September 30, 2015 and 2014 are as follows:
 
  
September 30,
 
  
2015
  
2014
 
  
(Dollars in Thousands)
 
Goodwill
  
Balance as of September 30, 2014
 
$
-
  
$
-
 
Acquisitions during the period
  
36,928
   
-
 
Write-offs during the period
  
-
   
-
 
Balance as of September 30, 2015
 
$
36,928
  
$
-
 

The Company completed an annual goodwill impairment test for the fiscal year ended September 30, 2015. Based on the results of the qualitative analysis, it was identified that it was more likely than not the fair value of the goodwill recorded exceeded the current carrying value. The Company concluded quantitative analysis was not required and no impairment existed.
 
  
Trademark
  
Non-Compete
  
Customer
Relationships
  
All Others
  
Total
 
Intangibles
  
Balance as of September 30, 2014
 
$
-
  
$
-
  
$
-
  
$
2,588
  
$
2,588
 
Acquisitions during the period
  
5,490
   
300
   
26,040
   
855
   
32,685
 
Amortization during the period
  
(51
)
  
(73
)
  
(1,229
)
  
(282
)
  
(1,635
)
Write-offs during the period
  
-
   
-
   
-
   
(61
)
  
(61
)
Balance as of September 30, 2015
 
$
5,439
  
$
227
  
$
24,811
  
$
3,100
  
$
33,577
 

  
Trademark
  
Non-Compete
  
Customer
Relationships
  
All Others
  
Total
 
Intangibles
  
Balance as of September 30, 2013
 
$
-
  
$
-
  
$
-
  
$
2,339
  
$
2,339
 
Acquisitions during the period
  
-
   
-
   
-
   
331
   
331
 
Amortization during the period
  
-
   
-
   
-
   
(78
)
  
(78
)
Write-offs during the period
  
-
   
-
   
-
   
(4
)
  
(4
)
Balance as of September 30, 2014
 
$
-
  
$
-
  
$
-
  
$
2,588
  
$
2,588
 
Anticipated Future Amortization of Intangibles
The anticipated future amortization of intangibles is as follows:

  
September 30,
 
  
(Dollars in Thousands)
 
2016
 
$
4,819
 
2017
  
4,116
 
2018
  
3,517
 
2019
  
3,001
 
2020
  
2,598
 
Thereafter
  
15,526
 
Total anticipated intangible amortization
 
$
33,577
 
v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Millions
 12 Months Ended
Sep. 30, 2015
USD ($)
Segment
Sep. 30, 2014
USD ($)
PRINCIPLES OF CONSOLIDATION [Abstract]    
Percentage of interest in subsidiary 100.00%  
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION [Abstract]    
Number of reporting segments | Segment 2  
CASH AND CASH EQUIVALENTS AND FEDERAL FUNDS SOLD [Abstract]    
Terms of FHLB advances 90 days  
Reserve balances in cash or on deposit with FRB (Federal Reserve Bank) $ 4.1 $ 8.3
Interest bearing deposits held at FRB $ 7.2  
LOANS RECEIVABLE [Abstract]    
Period when loan becomes delinquent 90 days  
Period when loan becomes delinquent for premium finance 210 days  
MORTGAGE SERVICING AND TRANSFERS OF FINANCIAL ASSETS [Abstract]    
Aggregate unpaid balance of loans serviced for others $ 22.2 $ 22.6
ALLOWANCE FOR LOAN LOSSES [Abstract]    
Look back period 5 years  
Buildings [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Premises, furniture and equipment, estimated useful lives 10 years  
Buildings [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Premises, furniture and equipment, estimated useful lives 40 years  
Leasehold Improvements [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Premises, furniture and equipment, estimated useful lives 2 years  
Leasehold Improvements [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Premises, furniture and equipment, estimated useful lives 15 years  
v3.3.1.900
ACQUISITIONS (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Sep. 08, 2015
USD ($)
Dec. 02, 2014
USD ($)
Agency
AgencyOffice
Sep. 30, 2015
USD ($)
Acquisition
$ / shares
shares
Sep. 30, 2014
USD ($)
$ / shares
shares
Sep. 30, 2013
USD ($)
Business Acquisition [Line Items]          
Number of acquisitions | Acquisition     2    
Fair value of liabilities assumed [Abstract]          
Goodwill resulting from acquisition     $ 36,928 $ 0 $ 0
AFS/IBEX Financial Services Inc [Member]          
Business Acquisition [Line Items]          
Number of independent insurance agencies | Agency   1,300      
Number of agency offices | AgencyOffice   2      
Allowance for credit losses   $ 0      
Revenue     7,600    
Net income     800    
Transaction costs     $ 600    
Fair value of consideration paid [Abstract]          
Cash   99,255      
Total consideration paid   99,255      
Fair value of assets acquired [Abstract]          
Cash and cash equivalents   6,947      
Loans receivable, net   74,120      
Prepaid assets   156      
Furniture and equipment, net   449      
Intangible assets   8,213      
Other assets   6      
Total assets   89,891      
Fair value of liabilities assumed [Abstract]          
Accrued expenses and other liabilities   2,214      
Total liabilities assumed   2,214      
Fair value of net assets acquired   87,677      
Goodwill resulting from acquisition   $ 11,578      
AFS/IBEX Financial Services Inc [Member] | Customer Relationships [Member]          
Business Acquisition [Line Items]          
Amortization period     30 years    
AFS/IBEX Financial Services Inc [Member] | Dallas [Member]          
Business Acquisition [Line Items]          
Number of agency offices | AgencyOffice   1      
AFS/IBEX Financial Services Inc [Member] | Southern California [Member]          
Business Acquisition [Line Items]          
Number of agency offices | AgencyOffice   1      
Refund Advantage [Member]          
Business Acquisition [Line Items]          
Transaction costs     $ 900    
Fair value of consideration paid [Abstract]          
Cash $ 26,060        
Stock issued 24,303        
Total consideration paid 50,363        
Fair value of assets acquired [Abstract]          
Cash and cash equivalents 2,821        
Prepaid assets 23        
Furniture and equipment, net 55        
Intangible assets 24,119        
Other assets 457        
Total assets 27,475        
Fair value of liabilities assumed [Abstract]          
Accrued expenses and other liabilities 2,463        
Total liabilities assumed 2,463        
Fair value of net assets acquired 25,012        
Goodwill resulting from acquisition $ 25,351        
Business Acquisition, Pro Forma Information [Abstract]          
Total revenue     142,876 127,150  
Net income     $ 19,724 $ 19,087  
Basic earnings per common share (in dollars per share) | $ / shares     $ 2.51 $ 2.64  
Diluted earnings per common share (in dollars per share) | $ / shares     $ 2.49 $ 2.61  
Basic weighted-average common shares, issued and outstanding (in shares) | shares     7,850,582 7,229,536  
Diluted weighted-average common shares, issued and outstanding (in shares) | shares     7,915,811 7,314,669  
Refund Advantage [Member] | Customer Relationships [Member] | Minimum [Member]          
Business Acquisition [Line Items]          
Amortization period     12 years    
Refund Advantage [Member] | Customer Relationships [Member] | Maximum [Member]          
Business Acquisition [Line Items]          
Amortization period     20 years    
Refund Advantage [Member] | Trademark [Member]          
Business Acquisition [Line Items]          
Amortization period     15 years    
v3.3.1.900
LOANS RECEIVABLE, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable $ 713,087 $ 499,201
Less [Abstract]    
Allowance for Loan Losses (6,255) (5,397)
Net Deferred Loan Origination Fees (577) (797)
Total Loans Receivable, Net 706,255 493,007
Total purchased loans secured by properties $ 8,100  
Percentage of loans secured by properties in North Dakota and Oregon 1.00%  
Maximum percentage of loans secured by properties in Minnesota, North Carolina, South Dakota, and Connecticut 1.00%  
Percentage of loans secured by properties in seven other states 1.00%  
Commercial real estate loans secured by hotel properties $ 51,100 40,700
Commercial real estate loans secured by multi-family properties 99,600 62,300
Non-accruing loans 6,060 933
Accruing loans delinquent 90 days or more 1,700 100
Gross interest income 900  
1-4 Family Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable 125,021 116,395
Less [Abstract]    
Non-accruing loans 24 281
Commercial and Multi-Family Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable 310,199 224,302
Less [Abstract]    
Non-accruing loans 904 312
Agricultural Real Estate [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable 64,316 56,071
Less [Abstract]    
Non-accruing loans 0 0
Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable 33,527 29,329
Less [Abstract]    
Non-accruing loans 0 0
Commercial Operating [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable 29,893 30,846
Less [Abstract]    
Non-accruing loans 0 0
Agricultural Operating [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable 43,626 42,258
Less [Abstract]    
Non-accruing loans 5,132 340
Premium Finance [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans receivable 106,505 $ 0
Less [Abstract]    
Non-accruing loans $ 0  
v3.3.1.900
LOANS RECEIVABLE, NET, Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Allowance for Credit Losses [Roll Forward]      
Beginning balance $ 5,397 $ 3,930 $ 3,971
Provision (recovery) for loan losses 1,465 1,150 0
Charge offs (730) (50) (220)
Recoveries 123 367 179
Ending balance 6,255 5,397 3,930
Ending balance: individually evaluated for impairment 3,493 713  
Ending balance: collectively evaluated for impairment 2,762 4,684  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 6,614 6,404  
Ending balance: collectively evaluated for impairment 706,473 492,797  
Total loans receivable 713,087 499,201  
1-4 Family Real Estate [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 552 333  
Provision (recovery) for loan losses (229) 217  
Charge offs (45) 0  
Recoveries 0 2  
Ending balance 278 552 333
Ending balance: individually evaluated for impairment 0 23  
Ending balance: collectively evaluated for impairment 278 529  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 121 387  
Ending balance: collectively evaluated for impairment 124,900 116,008  
Total loans receivable 125,021 116,395  
Commercial and Multi-Family Real Estate [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 1,575 1,937  
Provision (recovery) for loan losses (180) (709)  
Charge offs (214) 0  
Recoveries 6 347  
Ending balance 1,187 1,575 1,937
Ending balance: individually evaluated for impairment 241 350  
Ending balance: collectively evaluated for impairment 946 1,225  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 1,350 5,655  
Ending balance: collectively evaluated for impairment 308,849 218,647  
Total loans receivable 310,199 224,302  
Agricultural Real Estate [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 263 112  
Provision (recovery) for loan losses (100) 151  
Charge offs 0 0  
Recoveries 0 0  
Ending balance 163 263 112
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 163 263  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 64,316 56,071  
Total loans receivable 64,316 56,071  
Consumer [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 78 74  
Provision (recovery) for loan losses (58) 4  
Charge offs 0 0  
Recoveries 0 0  
Ending balance 20 78 74
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 20 78  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 33,527 29,329  
Total loans receivable 33,527 29,329  
Commercial Operating [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 93 49  
Provision (recovery) for loan losses (68) 26  
Charge offs 0 0  
Recoveries 3 18  
Ending balance 28 93 49
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 28 93  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 11 22  
Ending balance: collectively evaluated for impairment 29,882 30,824  
Total loans receivable 29,893 30,846  
Agricultural Operating [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 719 267  
Provision (recovery) for loan losses 3,004 502  
Charge offs (186) (50)  
Recoveries 0 0  
Ending balance 3,537 719 267
Ending balance: individually evaluated for impairment 3,252 340  
Ending balance: collectively evaluated for impairment 285 379  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 5,132 340  
Ending balance: collectively evaluated for impairment 38,494 41,918  
Total loans receivable 43,626 42,258  
Premium Finance [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 0 0  
Provision (recovery) for loan losses 464 0  
Charge offs (285) 0  
Recoveries 114 0  
Ending balance 293 0 0
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 293 0  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 106,505 0  
Total loans receivable 106,505 0  
Unallocated [Member]      
Allowance for Credit Losses [Roll Forward]      
Beginning balance 2,117 1,158  
Provision (recovery) for loan losses (1,368) 959  
Charge offs 0 0  
Recoveries 0 0  
Ending balance 749 2,117 $ 1,158
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 749 2,117  
Loans [Abstract]      
Ending balance: individually evaluated for impairment 0 0  
Ending balance: collectively evaluated for impairment 0 0  
Total loans receivable $ 0 $ 0  
v3.3.1.900
LOANS RECEIVABLE, NET, Asset Classification of Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable $ 713,087 $ 499,201
Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 666,177 482,437
Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 30,125 2,000
Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 4,901 1,900
Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 11,884 12,864
Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
1-4 Family Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 125,021 116,395
1-4 Family Real Estate [Member] | Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 124,775 115,700
1-4 Family Real Estate [Member] | Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 212 369
1-4 Family Real Estate [Member] | Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 10 81
1-4 Family Real Estate [Member] | Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 24 245
1-4 Family Real Estate [Member] | Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Commercial and Multi-Family Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 310,199 224,302
Commercial and Multi-Family Real Estate [Member] | Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 307,876 222,074
Commercial and Multi-Family Real Estate [Member] | Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 1,419 852
Commercial and Multi-Family Real Estate [Member] | Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 96
Commercial and Multi-Family Real Estate [Member] | Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 904 1,280
Commercial and Multi-Family Real Estate [Member] | Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Agricultural Real Estate [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 64,316 56,071
Agricultural Real Estate [Member] | Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 35,106 52,364
Agricultural Real Estate [Member] | Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 26,703 273
Agricultural Real Estate [Member] | Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 877 1,660
Agricultural Real Estate [Member] | Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 1,630 1,774
Agricultural Real Estate [Member] | Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Consumer [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 33,527 29,329
Consumer [Member] | Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 33,527 29,329
Consumer [Member] | Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Consumer [Member] | Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Consumer [Member] | Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Consumer [Member] | Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Commercial Operating [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 29,893 30,846
Commercial Operating [Member] | Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 29,052 30,709
Commercial Operating [Member] | Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 712 137
Commercial Operating [Member] | Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Commercial Operating [Member] | Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 129 0
Commercial Operating [Member] | Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Agricultural Operating [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 43,626 42,258
Agricultural Operating [Member] | Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 29,336 32,261
Agricultural Operating [Member] | Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 1,079 369
Agricultural Operating [Member] | Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 4,014 63
Agricultural Operating [Member] | Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 9,197 9,565
Agricultural Operating [Member] | Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Premium Finance [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 106,505 0
Premium Finance [Member] | Pass [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 106,505 0
Premium Finance [Member] | Watch [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Premium Finance [Member] | Special Mention [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Premium Finance [Member] | Substandard [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable 0 0
Premium Finance [Member] | Doubtful [Member]    
Financing Receivable, Recorded Investment [Line Items]    
Loans receivable $ 0 $ 0
v3.3.1.900
LOANS RECEIVABLE, NET, Past Due Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due $ 3,099 $ 216
Current 703,928 498,052
Non-accrual loans 6,060 933
Total loans receivable 713,087 499,201
30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 996 113
60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 362 49
Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 1,741 54
1-4 Family Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 142 148
Current 124,855 115,966
Non-accrual loans 24 281
Total loans receivable 125,021 116,395
1-4 Family Real Estate [Member] | 30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 142 111
1-4 Family Real Estate [Member] | 60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 37
1-4 Family Real Estate [Member] | Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Commercial and Multi-Family Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Current 309,295 223,990
Non-accrual loans 904 312
Total loans receivable 310,199 224,302
Commercial and Multi-Family Real Estate [Member] | 30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Commercial and Multi-Family Real Estate [Member] | 60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Commercial and Multi-Family Real Estate [Member] | Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Agricultural Real Estate [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Current 64,316 56,071
Non-accrual loans 0 0
Total loans receivable 64,316 56,071
Agricultural Real Estate [Member] | 30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Agricultural Real Estate [Member] | 60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Agricultural Real Estate [Member] | Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Consumer [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 165 68
Current 33,362 29,261
Non-accrual loans 0 0
Total loans receivable 33,527 29,329
Consumer [Member] | 30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 152 2
Consumer [Member] | 60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 12
Consumer [Member] | Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 13 54
Commercial Operating [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Current 29,893 30,846
Non-accrual loans 0 0
Total loans receivable 29,893 30,846
Commercial Operating [Member] | 30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Commercial Operating [Member] | 60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Commercial Operating [Member] | Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Agricultural Operating [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Current 38,494 41,918
Non-accrual loans 5,132 340
Total loans receivable 43,626 42,258
Agricultural Operating [Member] | 30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Agricultural Operating [Member] | 60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Agricultural Operating [Member] | Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 0 0
Premium Finance [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 2,792  
Current 103,713  
Non-accrual loans 0  
Total loans receivable 106,505 $ 0
Premium Finance [Member] | 30-59 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 702  
Premium Finance [Member] | 60-89 Days Past Due [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due 362  
Premium Finance [Member] | Greater Than 90 Days [Member]    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total past due $ 1,728  
v3.3.1.900
LOANS RECEIVABLE, NET, Impaired Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Loans without specific valuation allowance [Abstract]    
Recorded balance $ 578 $ 4,539
Unpaid principal balance 578 4,539
Loans with a specific valuation allowance [Abstract]    
Recorded balance 6,036 1,865
Unpaid principal balance 6,186 1,865
Specific allowance 3,493 713
Average recorded investment in impaired loans 5,928 7,163
1-4 Family Real Estate [Member]    
Loans without specific valuation allowance [Abstract]    
Recorded balance 121 142
Unpaid principal balance 121 142
Loans with a specific valuation allowance [Abstract]    
Recorded balance 0 245
Unpaid principal balance 0 245
Specific allowance 0 23
Average recorded investment in impaired loans 238 574
Commercial and Multi-Family Real Estate [Member]    
Loans without specific valuation allowance [Abstract]    
Recorded balance 446 4,375
Unpaid principal balance 446 4,375
Loans with a specific valuation allowance [Abstract]    
Recorded balance 904 1,280
Unpaid principal balance 904 1,280
Specific allowance 241 350
Average recorded investment in impaired loans 2,114 6,526
Commercial Operating [Member]    
Loans without specific valuation allowance [Abstract]    
Recorded balance 11 22
Unpaid principal balance 11 22
Loans with a specific valuation allowance [Abstract]    
Average recorded investment in impaired loans 17 34
Agricultural Operating [Member]    
Loans with a specific valuation allowance [Abstract]    
Recorded balance 5,132 340
Unpaid principal balance 5,282 340
Specific allowance 3,252 340
Average recorded investment in impaired loans $ 3,559 $ 29
v3.3.1.900
LOANS RECEIVABLE, NET, Troubled Debt Restructured Loans (Details) - Contract
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Troubled debt restructurings [Abstract]    
Loans modified in TDR 0 0
Loans modified in TDR, subsequent default 0 0
v3.3.1.900
LOAN SERVICING (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
LOAN SERVICING [Abstract]      
Mortgage loan portfolios serviced for Fannie Mae $ 5,055 $ 5,948 $ 7,361
Other 17,156 16,576 9,930
Total $ 22,211 $ 22,524 $ 17,291
v3.3.1.900
EARNINGS PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Earning [Abstract]                              
Net Income $ 4,639 $ 4,640 $ 5,181 $ 3,595 $ 3,363 $ 4,204 $ 4,144 $ 4,002 $ 3,474 $ 3,672 $ 3,147 $ 3,125 $ 18,055 $ 15,713 $ 13,418
Basic EPS [Abstract]                              
Weighted average common shares outstanding (in shares)                         6,730,086 6,117,577 5,595,733
Less weighted average nonvested shares (in shares)                         (4,237) (4,301) (2,032)
Weighted average common shares outstanding (in shares)                         6,725,849 6,113,276 5,593,701
Earnings Per Common Share [Abstract]                              
Basic (in dollars per share) $ 0.64 $ 0.67 $ 0.79 $ 0.58 $ 0.54 $ 0.69 $ 0.68 $ 0.66 $ 0.59 $ 0.67 $ 0.57 $ 0.57 $ 2.68 $ 2.57 $ 2.40
Diluted EPS [Abstract]                              
Weighted average common shares outstanding for basic earnings per common share (in shares)                         6,725,849 6,113,276 5,593,701
Add dilutive effect of assumed exercises of stock options, net of tax benefits (in shares)                         68,951 85,133 53,437
Weighted average common and dilutive potential common shares outstanding (in shares)                         6,794,800 6,198,409 5,647,138
Earnings Per Common Share [Abstract]                              
Diluted (in dollars per share) $ 0.64 $ 0.66 $ 0.78 $ 0.58 $ 0.53 $ 0.68 $ 0.67 $ 0.65 $ 0.58 $ 0.66 $ 0.57 $ 0.57 $ 2.66 $ 2.53 $ 2.38
Stock Options [Member]                              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                              
Securities excluded from computing diluted EPS (in shares)                         28,891 29,984 88,828
v3.3.1.900
SECURITIES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Available-for-sale debt securities [Abstract]      
Fair value $ 576,583 $ 657,870  
Available-for-sale equity securities [Abstract]      
Fair value 679,504 482,346  
Available-for-sale securities [Abstract]      
Amortized cost 1,254,661 1,148,414  
Gross unrealized gains 10,377 7,038  
Gross unrealized (losses) (8,951) (15,236)  
Fair value 1,256,087 1,140,216  
Available-for-sale securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 545,994 280,692  
OVER 12 MONTHS, Fair Value 103,450 450,852  
TOTAL, Fair Value 649,444 731,544  
LESS THAN 12 MONTHS, Unrealized (Losses) (5,161) (1,442)  
OVER 12 MONTHS, Unrealized (Losses) (3,790) (13,794)  
TOTAL, Unrealized (Losses) (8,951) (15,236)  
AMORTIZED COST [Abstract]      
Due in one year or less 0 2,999  
Due after one year through five years 1,174 9,922  
Due after five years through ten years 370,087 285,413  
Due after ten years 302,596 185,851  
Total Amortized Cost 673,857 484,185  
Mortgage-backed securities 580,165 663,690  
Common equities and mutual funds 639 539  
Amortized cost 1,254,661 1,148,414  
FAIR VALUE [Abstract]      
Due in one year or less 0 3,048  
Due after one year through five years 1,207 10,079  
Due after five years through ten years 376,394 285,698  
Due after ten years 300,989 182,696  
Total Fair Value 678,590 481,521  
Mortgage-backed securities 576,583 657,870  
Common equities and mutual funds 914 825  
Total securities 1,256,087 1,140,216  
Summary of activities related to the sale of available for sale securities [Abstract]      
Proceeds from sales 566,371 166,804 $ 209,172
Gross gains on sales 2,753 2,292 2,947
Gross losses on sales 4,387 2,185 $ 401
Held-to-maturity Securities [Abstract]      
Amortized cost 345,744 282,933  
Gross unrealized gains 2,182 942  
Gross unrealized (losses) (1,079) (4,563)  
Fair value 346,847 279,312  
Held-to-maturity securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 89,700 1,056  
OVER 12 MONTHS, Fair Value 72,695 230,200  
TOTAL, Fair Value 162,395 231,256  
LESS THAN 12 MONTHS, Unrealized (Losses) (442) (2)  
OVER 12 MONTHS, Unrealized (Losses) (637) (4,561)  
TOTAL, Unrealized (Losses) (1,079) (4,563)  
AMORTIZED COST [Abstract]      
Due in one year or less 95 347  
Due after one year through five years 8,411 4,726  
Due after five years through ten years 140,145 91,532  
Due after ten years 130,516 116,294  
Total Amortized Cost 279,167 212,899  
Mortgage-backed securities 66,577 70,034  
Amortized cost 345,744 282,933  
FAIR VALUE [Abstract]      
Due in one year or less 96 348  
Due after one year through five years 8,430 4,718  
Due after five years through ten years 140,505 89,984  
Due after ten years 131,712 116,090  
Total Fair Value 280,743 211,140  
Mortgage-backed securities 66,104 68,172  
Total securities 346,847 279,312  
Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1] 14,930 19,368  
Unrealized gain (loss) [1] (2,263) (1,868)  
Fair value [1] 12,667 17,500  
AMORTIZED COST [Abstract]      
Amortized cost [1] 14,930 19,368  
FAIR VALUE [Abstract]      
Total securities [1] 12,667 17,500  
S&P Credit Rating, BB+ [Member] | Moody Credit Rating, Baa3 [Member] | Key Corp Capital I [Member] | Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1] 4,986    
Unrealized gain (loss) [1] (797)    
Fair value [1] 4,189    
AMORTIZED COST [Abstract]      
Amortized cost [1] 4,986    
FAIR VALUE [Abstract]      
Total securities [1] 4,189    
S&P Credit Rating, BB+ [Member] | Moody Credit Rating, Baa3 [Member] | Huntington Capital Trust II SE [Member] | Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1]   4,977  
Unrealized gain (loss) [1]   (677)  
Fair value [1]   4,300  
AMORTIZED COST [Abstract]      
Amortized cost [1]   4,977  
FAIR VALUE [Abstract]      
Total securities [1]   4,300  
S&P Credit Rating, BB [Member] | Moody Credit Rating, Baa3 [Member] | Huntington Capital Trust II SE [Member] | Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1] 4,979    
Unrealized gain (loss) [1] (903)    
Fair value [1] 4,076    
AMORTIZED COST [Abstract]      
Amortized cost [1] 4,979    
FAIR VALUE [Abstract]      
Total securities [1] 4,076    
S&P Credit Rating, BBB- [Member] | Moody Credit Rating, Baa3 [Member] | Key Corp Capital I [Member] | Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1]   4,985  
Unrealized gain (loss) [1]   (585)  
Fair value [1]   4,400  
AMORTIZED COST [Abstract]      
Amortized cost [1]   4,985  
FAIR VALUE [Abstract]      
Total securities [1]   4,400  
S&P Credit Rating, BBB- [Member] | Moody Credit Rating, Baa2 [Member] | PNC Capital Trust [Member] | Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1] 4,965    
Unrealized gain (loss) [1] (563)    
Fair value [1] 4,402    
AMORTIZED COST [Abstract]      
Amortized cost [1] 4,965    
FAIR VALUE [Abstract]      
Total securities [1] 4,402    
S&P Credit Rating, BBB [Member] | Moody Credit Rating, Baa2 [Member] | PNC Capital Trust [Member] | Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1]   4,962  
Unrealized gain (loss) [1]   (562)  
Fair value [1]   4,400  
AMORTIZED COST [Abstract]      
Amortized cost [1]   4,962  
FAIR VALUE [Abstract]      
Total securities [1]   4,400  
S&P Credit Rating, A- [Member] | Moody Credit Rating, A3 [Member] | Wells Fargo (Corestates Capital) Trust [Member] | Trust Preferred Securities [Member]      
Available-for-sale securities [Abstract]      
Amortized cost [1]   4,444  
Unrealized gain (loss) [1]   (44)  
Fair value [1]   4,400  
AMORTIZED COST [Abstract]      
Amortized cost [1]   4,444  
FAIR VALUE [Abstract]      
Total securities [1]   4,400  
Debt Securities [Member]      
Available-for-sale debt securities [Abstract]      
Amortized cost 1,254,022 1,147,875  
Gross unrealized gains 10,094 6,747  
Gross unrealized (losses) (8,943) (15,231)  
Fair value 1,255,173 1,139,391  
Available-for-sale securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 545,994 280,569  
OVER 12 MONTHS, Fair Value 103,329 450,852  
TOTAL, Fair Value 649,323 731,421  
LESS THAN 12 MONTHS, Unrealized (Losses) (5,161) (1,437)  
OVER 12 MONTHS, Unrealized (Losses) (3,782) (13,794)  
TOTAL, Unrealized (Losses) (8,943) (15,231)  
Trust Preferred and Corporate Securities [Member]      
Available-for-sale debt securities [Abstract]      
Amortized cost 16,199 48,747  
Gross unrealized gains 8 191  
Gross unrealized (losses) (2,263) (2,009)  
Fair value 13,944 46,929  
Available-for-sale securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 0 6,073  
OVER 12 MONTHS, Fair Value 12,667 25,359  
TOTAL, Fair Value 12,667 31,432  
LESS THAN 12 MONTHS, Unrealized (Losses) 0 (47)  
OVER 12 MONTHS, Unrealized (Losses) (2,263) (1,962)  
TOTAL, Unrealized (Losses) (2,263) (2,009)  
Small Business Administration Securities [Member]      
Available-for-sale debt securities [Abstract]      
Amortized cost 54,493 66,541  
Gross unrealized gains 1,563 543  
Gross unrealized (losses) 0 (72)  
Fair value 56,056 67,012  
Available-for-sale securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value   8,454  
OVER 12 MONTHS, Fair Value   0  
TOTAL, Fair Value   8,454  
LESS THAN 12 MONTHS, Unrealized (Losses)   (72)  
OVER 12 MONTHS, Unrealized (Losses)   0  
TOTAL, Unrealized (Losses)   (72)  
Obligations of States and Political Subdivisions [Member]      
Held-to-maturity Securities [Abstract]      
Amortized cost 19,540 19,304  
Gross unrealized gains 60 48  
Gross unrealized (losses) (187) (372)  
Fair value 19,413 18,980  
Held-to-maturity securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 5,528 1,056  
OVER 12 MONTHS, Fair Value 7,964 14,079  
TOTAL, Fair Value 13,492 15,135  
LESS THAN 12 MONTHS, Unrealized (Losses) (34) (2)  
OVER 12 MONTHS, Unrealized (Losses) (153) (370)  
TOTAL, Unrealized (Losses) (187) (372)  
AMORTIZED COST [Abstract]      
Amortized cost 19,540 19,304  
FAIR VALUE [Abstract]      
Total securities 19,413 18,980  
Non-Bank Qualified Obligation of States And Political Subdivisions [Member]      
Available-for-sale debt securities [Abstract]      
Amortized cost 603,165 368,897  
Gross unrealized gains 7,240 2,494  
Gross unrealized (losses) (1,815) (3,811)  
Fair value 608,590 367,580  
Available-for-sale securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 97,006 27,062  
OVER 12 MONTHS, Fair Value 42,583 191,146  
TOTAL, Fair Value 139,589 218,208  
LESS THAN 12 MONTHS, Unrealized (Losses) (860) (70)  
OVER 12 MONTHS, Unrealized (Losses) (955) (3,741)  
TOTAL, Unrealized (Losses) (1,815) (3,811)  
Held-to-maturity Securities [Abstract]      
Amortized cost 259,627 193,595  
Gross unrealized gains 2,122 894  
Gross unrealized (losses) (419) (2,329)  
Fair value 261,330 192,160  
Held-to-maturity securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 78,663 0  
OVER 12 MONTHS, Fair Value 4,136 147,949  
TOTAL, Fair Value 82,799 147,949  
LESS THAN 12 MONTHS, Unrealized (Losses) (365) 0  
OVER 12 MONTHS, Unrealized (Losses) (54) (2,329)  
TOTAL, Unrealized (Losses) (419) (2,329)  
AMORTIZED COST [Abstract]      
Amortized cost 259,627 193,595  
FAIR VALUE [Abstract]      
Total securities 261,330 192,160  
Mortgage-backed Securities [Member]      
Available-for-sale debt securities [Abstract]      
Amortized cost 580,165 663,690  
Gross unrealized gains 1,283 3,519  
Gross unrealized (losses) (4,865) (9,339)  
Fair value 576,583 657,870  
Available-for-sale securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 448,988 238,980  
OVER 12 MONTHS, Fair Value 48,079 234,347  
TOTAL, Fair Value 497,067 473,327  
LESS THAN 12 MONTHS, Unrealized (Losses) (4,301) (1,248)  
OVER 12 MONTHS, Unrealized (Losses) (564) (8,091)  
TOTAL, Unrealized (Losses) (4,865) (9,339)  
Held-to-maturity Securities [Abstract]      
Amortized cost 66,577 70,034  
Gross unrealized gains 0 0  
Gross unrealized (losses) (473) (1,862)  
Fair value 66,104 68,172  
Held-to-maturity securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 5,509 0  
OVER 12 MONTHS, Fair Value 60,595 68,172  
TOTAL, Fair Value 66,104 68,172  
LESS THAN 12 MONTHS, Unrealized (Losses) (43) 0  
OVER 12 MONTHS, Unrealized (Losses) (430) (1,862)  
TOTAL, Unrealized (Losses) (473) (1,862)  
AMORTIZED COST [Abstract]      
Amortized cost 66,577 70,034  
FAIR VALUE [Abstract]      
Total securities 66,104 68,172  
Common Equities and Mutual Funds [Member]      
Available-for-sale equity securities [Abstract]      
Amortized cost 639 539  
Gross unrealized gains 283 291  
Gross unrealized (losses) (8) (5)  
Fair value 914 825  
Available-for-sale securities in a continuous unrealized loss position [Abstract]      
LESS THAN 12 MONTHS, Fair Value 0 123  
OVER 12 MONTHS, Fair Value 121 0  
TOTAL, Fair Value 121 123  
LESS THAN 12 MONTHS, Unrealized (Losses) 0 (5)  
OVER 12 MONTHS, Unrealized (Losses) (8) 0  
TOTAL, Unrealized (Losses) $ (8) $ (5)  
[1] Trust preferred securities are single-issuance. There are no known deferrals, defaults or excess subordination.
v3.3.1.900
PREMISES, FURNITURE, AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross $ 49,723 $ 44,895  
Less: accumulated depreciation and amortization (32,330) (28,433)  
Net book value 17,393 16,462  
Depreciation expense of premises, furniture, and equipment 4,600 3,500 $ 3,300
Amortization expense on capitalized leases 100 0 $ 0
Land [Member]      
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross 1,578 1,673  
Buildings [Member]      
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross 10,315 12,275  
Furniture, Fixtures, and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross 35,571 30,947  
Capitalized Leases [Member]      
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross $ 2,259 $ 0  
v3.3.1.900
TIME CERTIFICATES OF DEPOSITS (Details) - USD ($)
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
TIME CERTIFICATES OF DEPOSITS [Abstract]    
Time certificates of deposits in denominations of $250,000 or more $ 38,500,000 $ 87,100,000
Time Deposits, Fiscal Year Maturity [Abstract]    
2016 66,964,000  
2017 13,638,000  
2018 5,594,000  
2019 2,787,000  
2020 2,188,000  
Thereafter 0  
Total Certificates 91,171,000 $ 134,553,000
IRA deposit accounts permanently insured by DIF under management of FDIC 250,000  
Non-IRA deposits accounts permanently insured under Dodd-Frank act by DIF under management of FDIC 250,000  
Coverage temporary insured by FDIC until December 2013 $ 250,000  
v3.3.1.900
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS [Abstract]    
Fixed rate of FHLB advances, interest rate range from 6.97%  
Fixed rate of FHLB advances, interest rate range to 7.01%  
Weighted average rate of FHLB advances 6.98%  
Maturities of FHLB advances [Abstract]    
2016 $ 0  
2017 0  
2018 0  
2019 5,000  
2020 2,000  
Thereafter 0  
Total FHLB Advances 7,000  
Federal funds purchased 540,000 $ 470,000
Advances from FHLB 7,000 $ 7,000
Weighted average rate   6.98%
Pledged securities against specific FHLB advances, fair value 625,200 $ 422,900
Qualified mortgage loans pledged as collateral $ 106,500 $ 83,300
v3.3.1.900
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]    
Securities sold under agreements to repurchase, total $ 4,007 $ 10,411
Analysis of securities sold under agreement to repurchase [Abstract]    
Highest month-end balance 17,400 33,999
Average balance $ 10,884 $ 10,137
Weighted average interest rate for the year 0.52% 0.52%
Weighted average interest rate at year end 0.58% 0.52%
Securities pledged as collateral for securities sold under agreement to repurchase, fair value $ 20,600 $ 36,400
v3.3.1.900
SUBORDINATED DEBENTURES AND TRUST PREFERRED SECURITIES (Details) - First Midwest Financial Capital Trust I [Member]
 12 Months Ended
Sep. 30, 2015
Period
$ / shares
shares
Sep. 30, 2014
Subsidiary or Equity Method Investee [Line Items]    
Equity method investment, ownership percentage 100.00%  
Issuance of trust preferred securities (in shares) 10,000  
Number of authorized shares of trust preferred securities issued (in shares) 10,310  
Number of consecutive semi-annual periods that interest payments on capital securities may be deferred | Period 10  
Redemption price per capital security (in dollars per share) | $ / shares $ 1,000  
LIBOR [Member]    
Subsidiary or Equity Method Investee [Line Items]    
Basis spread on variable rate 3.75%  
Effective interest rate 4.28% 4.08%
Effective interest rate, maximum 12.50%  
v3.3.1.900
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS (Details) - USD ($)
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]      
Number of hours of employment required for ESOP 1000 hours    
Years of employment to be eligible for ESOP 1 year    
Eligible age for ESOP 21 years    
Employee Stock Ownership Plan (ESOP), Expense $ 994,000 $ 703,000 $ 694,000
Contribution to ESOP $ 992,038 $ 850,406 $ 485,548
Percentage of benefits vested after credited service 100.00%    
Years of credited service 7 years    
Number of shares (ESOP) released (in shares) 23,750 24,125 17,715
Fair value of shares (ESOP) released (in dollars per share) $ 41.77 $ 35.25 $ 37.99
Allocated and total ESOP shares withdrawn from ESOP by participant no longer with the company (in shares) 10,294 10,643 45,225
Shares purchased for dividend reinvestment (in shares) 2,974 2,529 3,526
Year-end ESOP shares [Abstract]      
Allocated shares (in shares) 256,283 239,879 223,868
Unearned shares (in shares) 0 0 0
Total ESOP shares (in shares) 256,283 239,879 223,868
Fair value of unearned shares $ 0 $ 0 $ 0
Contribution expense to profit sharing plan included in compensation and benefits $ 1,100,000 $ 900,000 $ 800,000
v3.3.1.900
SHARE BASED COMPENSATION PLANS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Effect to income of share-based compensation expense, net of tax benefits [Abstract]      
Total employee stock-based compensation expense recognized in income, net of tax effects of $192, $66 and $51, respectively $ 334 $ 120 $ 103
Tax effects of employee's stock-based compensation expense recognized income 192 66 51
Stock based compensation expense not yet recognized in income $ 400    
Weighted average remaining period for unrecognized stock based compensation 1 year 11 months 5 days    
Period that options are issued 10 years    
Percentage of options vesting at either grant date or over four year period 100.00%    
Period that options vest 4 years    
Vested in period, fair value $ 200 $ 100 $ 100
Number of Shares [Roll Forward]      
Options outstanding, beginning of period (in shares) 235,766 318,648  
Granted (in shares) 0 0 0
Exercised (in shares) (46,678) (82,882)  
Forfeited or expired (in shares) 0 0  
Options outstanding, end of period (in shares) 189,088 235,766 318,648
Options exercisable end of year (in shares) 189,088 235,766  
Weighted Average Exercise Price [Roll Forward]      
Options outstanding, beginning of period (in dollars per share) $ 25.20 $ 24.44  
Granted (in dollars per share) 0 0  
Exercised (in dollars per share) 22.98 22.31  
Forfeited or expired (in dollars per share) 0 0  
Options outstanding, end of period (in dollars per share) 25.74 25.20 $ 24.44
Options exercisable end of year (in dollars per share) $ 25.74 $ 25.20  
Weighted Average Remaining Contractual Term (Yrs) [Abstract]      
Options outstanding , weighted average remaining contractual term (Yrs) 3 years 1 month 28 days 3 years 9 months 11 days 4 years 2 months 5 days
Options exercisable end of year, weighted average remaining contractual term (Yrs) 3 years 1 month 28 days 3 years 9 months 11 days  
Aggregate Intrinsic Value [Abstract]      
Options outstanding, beginning of period $ 2,507 $ 4,376  
Granted 0 0  
Exercised 925 1,389 $ 800
Forfeited or expired 0 0  
Options outstanding, end of period 4,671 2,507 $ 4,376
Options exercisable end of year $ 4,671 $ 2,507  
Nonvested Shares Outstanding, Number of Shares [Roll Forward]      
Nonvested shares outstanding, beginning of period (in shares) 4,000 4,000  
Granted (in shares) 51,217 4,267  
Vested (in shares) (11,215) (4,267)  
Forfeited or expired (in shares) 0 0  
Nonvested shares outstanding, end of period (in shares) 44,002 4,000 4,000
Nonvested Shares Outstanding, Weighted Average Grant Date Fair Value [Roll Forward]      
Nonvested shares outstanding, beginning of period (in dollars per share) $ 28.61 $ 25.67  
Granted (in dollars per share) 41.10 37.82  
Vested (in dollars per share) 37.81 35.07  
Forfeited or expired (in dollars per share) 0 0  
Nonvested shares outstanding, end of period (in dollars per share) $ 40.80 $ 28.61 $ 25.67
v3.3.1.900
INCOME TAXES (Details) - USD ($)
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 1987
Federal [Abstract]        
Current $ 4,217,000 $ 3,787,000 $ 2,847,000  
Deferred (3,896,000) (1,765,000) (536,000)  
Federal income tax expense 321,000 2,022,000 2,311,000  
State [Abstract]        
Current 1,048,000 874,000 1,252,000  
Deferred (1,000) 10,000 141,000  
State tax expense 1,047,000 884,000 1,393,000  
Income tax expense 1,368,000 2,906,000 3,704,000  
Income tax expense (benefit) to statutory federal income tax rate reconciliation [Abstract]        
Income tax expense at federal tax rate 6,798,000 6,517,000 5,993,000  
Increase (decrease) resulting from [Abstract]        
State income taxes net of federal benefit 692,000 575,000 1,092,000  
Nontaxable buildup in cash surrender value (711,000) (399,000) (349,000)  
Incentive stock option expense (37,000) (187,000) (97,000)  
Tax exempt income (5,230,000) (3,594,000) (2,815,000)  
Nondeductible expenses 188,000 120,000 41,000  
Other, net (332,000) (126,000) (161,000)  
Income tax expense 1,368,000 2,906,000 3,704,000  
Deferred tax assets [Abstract]        
Bad debts 2,286,000 1,955,000   $ 6,700,000
Deferred compensation 1,040,000 708,000    
Stock based compensation 235,000 271,000    
Operational reserve 453,000 464,000    
AMT Credit 4,490,000 2,239,000    
Intangibles 573,000 0    
Net unrealized losses on securities available for sale 0 2,969,000    
Indirect tax benefits of unrecognized tax positions 384,000 376,000    
Other assets 1,293,000 759,000    
Gross deferred tax assets 10,754,000 9,741,000    
Deferred tax liabilities [Abstract]        
FHLB stock dividend (414,000) (410,000)    
Premises and equipment (1,222,000) (1,060,000)    
Patents (967,000) (937,000)    
Prepaid expenses (633,000) (743,000)    
Net unrealized gains on securities available for sale (521,000) 0    
Deferred loan fees 0 0    
Gross deferred tax liabilities (3,757,000) (3,150,000)    
Net deferred tax assets (liabilities) 6,997,000 6,591,000    
Gross deferred tax on state net operating loss carryforwards 829,000 780,000    
Additional bad debt deductions provided by federal income tax laws 2,286,000 1,955,000   $ 6,700,000
Deferred tax liability, bad debt deductions 2,300,000 2,300,000    
Reconciliation for liabilities [Abstract]        
Balance at beginning of year 983,000 931,000    
Additions for tax positions related to the current year 49,000 118,000    
Additions for tax positions related to the prior years 4,000 0    
Reductions for tax positions due to settlement with taxing authorities (62,000) (16,000)    
Reductions for tax positions related to prior years 0 (50,000)    
Balance at end of year 974,000 $ 983,000 $ 931,000  
Unrecognized tax benefits that, if recognized, would impact the effective rate 641,000      
Accrued interest related to unrecognized tax benefits $ 155,000      
v3.3.1.900
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]        
Tier 1 (core) capital (to adjusted total assets), amount $ 224,426 $ 176,388    
Tier 1 (core) capital (to adjusted total assets), ratio 9.36% 8.60%    
Tier 1 (core) capital (to adjusted total assets), minimum requirement for capital adequacy purposes, amount $ 8,977 $ 82,057    
Tier 1 (core) capital (to adjusted total assets), minimum requirement for capital adequacy purposes, ratio 4.00% 4.00%    
Tier 1 (core) capital (to adjusted total assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount $ 11,221 $ 102,571    
Tier 1 (core) capital (to adjusted total assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio 5.00% 5.00%    
Common equity Tier 1 (to risk-weighted assets), actual amount [1] $ 216,931      
Common equity Tier 1 (to risk-weighted assets), actual ratio 19.85%      
Common equity Tier 1 (to risk-weighted assets), minimum requirement for capital adequacy purposes, amount $ 9,762      
Common equity Tier 1 (to risk-weighted assets), minimum requirement for capital adequacy purposes, ratio 4.50%      
Common equity Tier 1 (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount $ 14,101      
Common equity Tier 1 (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio 6.50%      
Tangible capital (to tangible assets), actual amount   $ 176,388    
Tangible capital (to tangible assets), actual ratio   8.60%    
Tangible capital (to tangible assets), minimum requirement for capital adequacy purposes, amount   $ 30,771    
Tangible capital (to tangible assets), minimum requirement for capital adequacy purposes, ratio   1.50%    
Tier 1 (core) capital (to risk-weighted assets), actual amount $ 224,426 [1] $ 176,388    
Tier 1 (core) capital ( to risk weighted assets), ratio 20.54% 20.95%    
Tier 1 (core) capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, amount $ 13,466 $ 33,672    
Tier 1 (core) capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, ratio 6.00% 4.00%    
Tier 1 (core) capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount $ 17,954 $ 50,508    
Tier 1 (core) capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio 8.00% 6.00%    
Total qualifying capital (to risk-weighted assets), actual amount [1] $ 230,820      
Total qualifying capital (to risk-weighted assets), ratio 21.12%      
Total qualifying capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, amount $ 18,466      
Total qualifying capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, ratio 8.00%      
Total qualifying capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount $ 23,082      
Total qualifying capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio 10.00%      
Total risk based capital (to risk weighted assets), actual amount   $ 181,786    
Total risk based capital (to risk weighted assets), ratio   21.59%    
Total risk based capital (to risk weighted assets), minimum requirement for capital adequacy purposes, amount   $ 67,344    
Total risk based capital (to risk weighted assets), minimum requirement for capital adequacy purposes, ratio   8.00%    
Total risk based capital (to risk weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, amount   $ 84,180    
Total risk based capital (to risk weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio   10.00%    
Reconciliation of capital amounts [Abstract]        
Total equity $ 271,335 [1] $ 174,802 $ 142,984 $ 145,859
Adjustments:        
Goodwill, net of associated deferred tax liabilities [1] 36,642      
LESS: Certain other intangible assets [1] 13,431      
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards [1] 1,876      
LESS: Net unrealized gains (losses) on available-for-sale securities [1] 2,455      
Common Equity Tier 1 (1) [1] 216,931      
Long-term debt and other instruments qualifying as Tier 1 10,310 [1] 10,310    
LESS: Additional tier 1 capital deductions [1] 2,815      
Total Tier 1 capital 224,426 [1] 176,388    
Allowance for loan losses [1] 6,394      
Total qualifying capital [1] 230,820      
MetaBank [Member]        
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]        
Tier 1 (core) capital (to adjusted total assets), amount $ 213,219 $ 176,388    
Tier 1 (core) capital (to adjusted total assets), ratio 8.89% 8.60%    
Common equity Tier 1 (to risk-weighted assets), actual amount $ 213,219      
Common equity Tier 1 (to risk-weighted assets), actual ratio 19.52%      
Tangible capital (to tangible assets), actual amount   $ 176,388    
Tangible capital (to tangible assets), actual ratio   8.60%    
Tier 1 (core) capital (to risk-weighted assets), actual amount $ 213,219 $ 176,388    
Tier 1 (core) capital ( to risk weighted assets), ratio 19.52% 20.95%    
Total qualifying capital (to risk-weighted assets), actual amount $ 219,613      
Total qualifying capital (to risk-weighted assets), ratio 20.11%      
Total risk based capital (to risk weighted assets), actual amount   $ 181,786    
Total risk based capital (to risk weighted assets), ratio   21.59%    
Adjustments:        
Common Equity Tier 1 (1) $ 213,219      
Total Tier 1 capital 213,219 $ 176,388    
Total qualifying capital $ 219,613      
[1] Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio. Those changes became effective for the Company on January 1, 2015, and are being fully phased in through the end of 2021. The capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015.
v3.3.1.900
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 12 Months Ended
Sep. 30, 2015
USD ($)
Commitment
Company
ClassAction
Court
Sep. 30, 2014
USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]    
Unfunded loan commitments $ 158.3 $ 96.0
Number of commitment to purchase securities, available for sale | Commitment 2  
Purchase commitment amount, available for sale $ 7.9  
Number of commitment to purchase securities, held to maturity | Commitment 3  
Purchase commitment amount, held to maturity $ 3.0  
Commitment to purchase securities   0.0
Securities pledged as collateral for public funds on deposit 5.8 5.8
Securities pledged as collateral for individual, trust, and estate deposits $ 0.0 $ 7.4
Loss Contingencies [Line Items]    
Number of identified limited liability companies | Company 3  
Number of class action litigations | ClassAction 4  
Number of federal district courts | Court 3  
Inter National Bank [Member]    
Loss Contingencies [Line Items]    
Amount of shortfall in depository account $ 10.5  
Springbok Services Inc. [Member]    
Loss Contingencies [Line Items]    
Estimate of possible loss 1.5  
Range of reasonably possible loss, minimum 0.0  
Range of reasonably possible loss, maximum $ 0.3  
UniRush, LLC [Member]    
Loss Contingencies [Line Items]    
Period of inability of customers of prepaid card product to access product 14 days  
v3.3.1.900
LEASE COMMITMENTS (Details)
 12 Months Ended
Sep. 30, 2015
USD ($)
LEASE COMMITMENTS [Abstract]  
Expiration period of various noncancelable operating lease agreements Dec. 31, 2036
Annual rent, minimum $ 600
Annual rent, maximum $ 789,000
Expiration period of capital lease agreements Dec. 31, 2035
Amortization expense for capital leases $ 100,000
Total minimum rental commitments for operating leases [Abstract]  
2016 1,708,000
2017 1,752,000
2018 1,464,000
2019 1,394,000
2020 1,277,000
Thereafter 12,476,000
Total Leases Commitments 20,071,000
Total minimum rental commitments for capital leases [Abstract]  
2016 252,000
2017 201,000
2018 179,000
2019 179,000
2020 182,000
Thereafter 2,604,000
Total Leases Commitments 3,597,000
Executory costs 0
Amounts representing interest 1,454,000
Present value of net minimum lease payments $ 2,143,000
v3.3.1.900
SEGMENT REPORTING (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Sep. 30, 2014
USD ($)
Jun. 30, 2014
USD ($)
Mar. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Sep. 30, 2013
USD ($)
Jun. 30, 2013
USD ($)
Mar. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Sep. 30, 2015
USD ($)
Segment
Sep. 30, 2014
USD ($)
Sep. 30, 2013
USD ($)
Segment Reporting Information [Line Items]                              
Number of reportable segments | Segment                         2    
Segment data [Abstract]                              
Interest income                         $ 61,607 $ 48,660 $ 38,976
Interest expense $ 660 $ 593 $ 473 $ 661 $ 567 $ 638 $ 544 $ 649 $ 642 $ 666 $ 813 $ 833 2,387 2,398 2,954
Net interest income (expense)                         59,220 46,262 36,022
Provision (recovery) for loan losses 124 700 593 48 550 300 300 0 300 0 (300) 0 1,465 1,150 0
Non-interest income                         58,174 51,738 55,503
Non-interest expense                         96,506 78,231 74,403
Income (loss) before income tax expense (benefit)                         19,423 18,619 17,122
Income tax expense (benefit)                         1,368 2,906 3,704
Net income 4,639 $ 4,640 $ 5,181 $ 3,595 3,363 $ 4,204 $ 4,144 $ 4,002 3,474 $ 3,672 $ 3,147 $ 3,125 18,055 15,713 13,418
Total assets 2,529,705       2,054,031       1,691,989       2,529,705 2,054,031 1,691,989
Total deposits 1,657,534       1,366,541       1,315,283       1,657,534 1,366,541 1,315,283
All Others [Member]                              
Segment data [Abstract]                              
Interest income                         6,037 0 0
Interest expense                         543 348 469
Net interest income (expense)                         5,494 (348) (469)
Provision (recovery) for loan losses                         465 0 0
Non-interest income                         1,514 0 (13)
Non-interest expense                         6,311 770 941
Income (loss) before income tax expense (benefit)                         232 (1,118) (1,423)
Income tax expense (benefit)                         17 (422) (522)
Net income                         215 (696) (901)
Total assets 109,672       3,427       2,704       109,672 3,427 2,704
Total deposits (9,350)       (6,406)       (9,012)       (9,350) (6,406) (9,012)
Reportable Segments [Member] | Retail Banking [Member]                              
Segment data [Abstract]                              
Interest income                         33,980 31,635 24,169
Interest expense                         1,675 1,926 2,361
Net interest income (expense)                         32,305 29,709 21,808
Provision (recovery) for loan losses                         1,000 1,150 0
Non-interest income                         2,243 3,214 5,226
Non-interest expense                         23,780 21,227 19,479
Income (loss) before income tax expense (benefit)                         9,768 10,546 7,555
Income tax expense (benefit)                         688 1,846 1,615
Net income                         9,080 8,700 5,940
Total assets 840,177       805,494       487,754       840,177 805,494 487,754
Total deposits 242,580       273,399       260,525       242,580 273,399 260,525
Reportable Segments [Member] | Meta Payment Systems [Member]                              
Segment data [Abstract]                              
Interest income                         21,590 17,025 14,807
Interest expense                         169 124 124
Net interest income (expense)                         21,421 16,901 14,683
Provision (recovery) for loan losses                         0 0 0
Non-interest income                         54,417 48,524 50,290
Non-interest expense                         66,415 56,234 53,983
Income (loss) before income tax expense (benefit)                         9,423 9,191 10,990
Income tax expense (benefit)                         663 1,482 2,611
Net income                         8,760 7,709 8,379
Total assets 1,579,856       1,245,110       1,201,531       1,579,856 1,245,110 1,201,531
Total deposits $ 1,424,304       $ 1,099,548       $ 1,063,770       1,424,304 1,099,548 1,063,770
Intersegment Eliminations [Member]                              
Segment data [Abstract]                              
Inter-segment revenue (expense)                         0 0 0
Intersegment Eliminations [Member] | Retail Banking [Member]                              
Segment data [Abstract]                              
Inter-segment revenue (expense)                         (16,547) 12,793 12,106
Intersegment Eliminations [Member] | Meta Payment Systems [Member]                              
Segment data [Abstract]                              
Inter-segment revenue (expense)                         16,547 (12,793) (12,106)
Intersegment Eliminations [Member] | All Others [Member]                              
Segment data [Abstract]                              
Inter-segment revenue (expense)                         $ 0 $ 0 $ 0
v3.3.1.900
PARENT COMPANY FINANCIAL STATEMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2012
ASSETS [Abstract]                                      
Cash and cash equivalents $ 27,658     $ 29,832 $ 29,832     $ 40,063 $ 40,063     $ 145,051 $ 29,832 $ 29,832 $ 145,051 $ 27,658 $ 29,832 $ 40,063 $ 145,051
Other assets                               777 752    
Total assets                               2,529,705 2,054,031 1,691,989  
LIABILITIES [Abstract]                                      
Subordinated debentures                               10,310 [1] 10,310    
Total liabilities                               2,258,370 1,879,229    
STOCKOLDERS' EQUITY [Abstract]                                      
Common stock                               82 62    
Additional paid-in capital                               170,749 95,079    
Retained earnings                               98,359 83,797    
Accumulated other comprehensive income (loss)                               2,455 (3,409)    
Treasury stock, at cost                               (310) (727)    
Total stockholders' equity                               271,335 [1] 174,802 142,984 145,859
Total liabilities and stockholders' equity                               2,529,705 2,054,031    
CONDENSED STATEMENTS OF OPERATIONS [Abstract]                                      
Total other income                         58,174 51,738 55,503        
Interest expense 660 $ 593 $ 473 661 567 $ 638 $ 544 649 642 $ 666 $ 813 833 2,387 2,398 2,954        
Other expense                         14,244 9,115 9,388        
Income tax expense (benefit)                         1,368 2,906 3,704        
Net income 4,639 4,640 5,181 3,595 3,363 4,204 4,144 4,002 3,474 3,672 3,147 3,125 18,055 15,713 13,418        
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract]                                      
Net income 4,639 $ 4,640 $ 5,181 3,595 3,363 $ 4,204 $ 4,144 4,002 3,474 $ 3,672 $ 3,147 3,125 18,055 15,713 13,418        
Adjustments to reconcile net income to net cash provided by (used in) operating activities [Abstract]                                      
Depreciation, amortization and accretion, net                         28,882 18,147 21,104        
Change in other assets                         (672) (807) (9,876)        
Change in other liabilities                         6,780 (2,326) (43,183)        
Net cash provided by (used in) operating activities                         48,956 25,813 (23,068)        
CASH FLOWS FROM INVESTING ACTIVITES [Abstract]                                      
Net cash provided by (used in) investing activities                         (453,915) (367,796) (198,660)        
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract]                                      
Cash dividends paid                         (3,493) (3,184) (2,926)        
Stock compensation                         258 88 165        
Proceeds from exercise of stock options                         51,547 2,325 15,266        
Net cash provided by (used in) financing activities                         402,785 331,752 116,740        
Net change in cash and cash equivalents                         (2,174) (10,231) (104,988)        
CASH AND CASH EQUIVALENTS [Abstract]                                      
Cash and cash equivalents at beginning of year       29,832       40,063       145,051 29,832 40,063 145,051        
Cash and cash equivalents at end of year 27,658       29,832       40,063       27,658 29,832 40,063        
Meta Financial [Member]                                      
ASSETS [Abstract]                                      
Cash and cash equivalents 14,280     9,439 9,439     11,386 11,386     6,105 14,280 9,439 6,105 14,280 9,439 $ 11,386 $ 6,105
Investment in subsidiaries                               267,623 175,568    
Other assets                               408 393    
Total assets                               282,311 185,400    
LIABILITIES [Abstract]                                      
Subordinated debentures                               10,310 10,310    
Other liabilities                               666 288    
Total liabilities                               10,976 10,598    
STOCKOLDERS' EQUITY [Abstract]                                      
Common stock                               82 62    
Additional paid-in capital                               170,749 95,079    
Retained earnings                               98,359 83,797    
Accumulated other comprehensive income (loss)                               2,455 (3,409)    
Treasury stock, at cost                               (310) (727)    
Total stockholders' equity                               271,335 174,802    
Total liabilities and stockholders' equity                               $ 282,311 $ 185,400    
CONDENSED STATEMENTS OF OPERATIONS [Abstract]                                      
Total other income                         0 0 0        
Interest expense                         418 348 469        
Other expense                         269 770 941        
Total expense                         687 1,118 1,410        
Gain (Loss) before income taxes and equity in undistributed net income of subsidiaries                         (687) (1,118) (1,410)        
Income tax expense (benefit)                         (324) (422) (509)        
Gain (Loss) before equity in undistributed net income of subsidiaries                         (363) (696) (901)        
Equity in undistributed net income of subsidiaries                         18,418 16,409 14,319        
Net income                         18,055 15,713 13,418        
CASH FLOWS FROM OPERATING ACTIVITIES [Abstract]                                      
Net income                         18,055 15,713 13,418        
Adjustments to reconcile net income to net cash provided by (used in) operating activities [Abstract]                                      
Depreciation, amortization and accretion, net                         0 (310) 0        
Equity in undistributed net income of subsidiaries                         (18,418) (16,409) (14,319)        
Change in other assets                         (15) 246 54        
Change in other liabilities                         378 (332) (339)        
Net cash provided by (used in) operating activities                         0 (1,092) (1,186)        
CASH FLOWS FROM INVESTING ACTIVITES [Abstract]                                      
Capital contributions to subsidiaries                         (67,600) 0 (6,000)        
Net cash provided by (used in) investing activities                         (67,600) 0 (6,000)        
CASH FLOWS FROM FINANCING ACTIVITIES [Abstract]                                      
Cash dividends paid                         (3,493) (3,184) (2,926)        
Stock compensation                         253 4 165        
Proceeds from issuance of common stock                         75,471 (51) 12,718        
Proceeds from exercise of stock options                         210 2,376 2,548        
Other, net                         0 0 (38)        
Net cash provided by (used in) financing activities                         72,441 (855) 12,467        
Net change in cash and cash equivalents                         4,841 (1,947) 5,281        
CASH AND CASH EQUIVALENTS [Abstract]                                      
Cash and cash equivalents at beginning of year       $ 9,439       $ 11,386       $ 6,105 9,439 11,386 6,105        
Cash and cash equivalents at end of year $ 14,280       $ 9,439       $ 11,386       $ 14,280 $ 9,439 $ 11,386        
[1] Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum CET1 ratio. Those changes became effective for the Company on January 1, 2015, and are being fully phased in through the end of 2021. The capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015.
v3.3.1.900
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2013
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]                              
Interest income $ 16,363 $ 15,254 $ 15,758 $ 14,232 $ 12,869 $ 12,566 $ 12,063 $ 11,162 $ 9,803 $ 9,825 $ 9,718 $ 9,630      
Interest expense 660 593 473 661 567 638 544 649 642 666 813 833 $ 2,387 $ 2,398 $ 2,954
Net interest income 15,703 14,661 15,285 13,571 12,302 11,928 11,519 10,513 9,161 9,159 8,905 8,797 59,220 46,262 36,022
Provision (recovery) for loan losses 124 700 593 48 550 300 300 0 300 0 (300) 0 1,465 1,150 0
Net income (loss) $ 4,639 $ 4,640 $ 5,181 $ 3,595 $ 3,363 $ 4,204 $ 4,144 $ 4,002 $ 3,474 $ 3,672 $ 3,147 $ 3,125 $ 18,055 $ 15,713 $ 13,418
Earnings (loss) per common and common equivalent share [Abstract]                              
Basic (in dollars per share) $ 0.64 $ 0.67 $ 0.79 $ 0.58 $ 0.54 $ 0.69 $ 0.68 $ 0.66 $ 0.59 $ 0.67 $ 0.57 $ 0.57 $ 2.68 $ 2.57 $ 2.40
Diluted (in dollars per share) 0.64 0.66 0.78 0.58 0.53 0.68 0.67 0.65 0.58 0.66 0.57 0.57 $ 2.66 $ 2.53 $ 2.38
Dividend declared per share (in dollars per share) $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13 $ 0.13      
v3.3.1.900
FAIR VALUES OF FINANCIAL INSTRUMENTS, Assets Measured at Fair Value on Recurring and Non-recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]    
Transfers between levels of fair value hierarchy $ 0 $ 0
Available-for-sale Securities [Abstract]    
Total debt securities 576,583 657,870
Total securities 1,256,087 1,140,216
Held-to-maturity Securities [Abstract]    
Total securities 346,847 279,312
Level 1 [Member]    
Available-for-sale Securities [Abstract]    
Total securities 914 825
Held-to-maturity Securities [Abstract]    
Total securities 0 0
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | One to Four Family Residential Mortgage Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | Commercial and Multi-Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 1 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member]    
Available-for-sale Securities [Abstract]    
Total securities 1,255,173 1,139,391
Held-to-maturity Securities [Abstract]    
Total securities 346,847 279,312
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | One to Four Family Residential Mortgage Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | Commercial and Multi-Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 2 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Level 3 [Member]    
Available-for-sale Securities [Abstract]    
Total securities 0 0
Held-to-maturity Securities [Abstract]    
Total securities 0 0
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 707,774 504,388
Level 3 [Member] | One to Four Family Residential Mortgage Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 121,385 111,254
Level 3 [Member] | Commercial and Multi-Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 314,372 234,845
Level 3 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 40,003 44,398
Recurring [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred and corporate securities 13,944 46,929
Small business administration securities 56,056 67,012
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 608,590 367,580
Mortgage-backed securities 576,583 657,870
Total debt securities 1,255,173 1,139,391
Common Equities and Mutual Funds, Available-for-Sale 914 825
Total securities 1,256,087 1,140,216
Held-to-maturity Securities [Abstract]    
Trust preferred and corporate securities 0 0
Small business administration securities 0 0
Obligations of states and political subdivisions 19,413 18,980
Non-bank qualified obligations of states and political subdivisions 261,330 192,160
Mortgage-backed securities 66,104 68,172
Total debt securities 346,847 279,312
Common equities and mutual funds 0 0
Total securities 346,847 279,312
Recurring [Member] | Level 1 [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred and corporate securities 0 0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common Equities and Mutual Funds, Available-for-Sale 914 825
Total securities 914 825
Held-to-maturity Securities [Abstract]    
Trust preferred and corporate securities 0 0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common equities and mutual funds 0 0
Total securities 0 0
Recurring [Member] | Level 2 [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred and corporate securities 13,944 46,929
Small business administration securities 56,056 67,012
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 608,590 367,580
Mortgage-backed securities 576,583 657,870
Total debt securities 1,255,173 1,139,391
Common Equities and Mutual Funds, Available-for-Sale 0 0
Total securities 1,255,173 1,139,391
Held-to-maturity Securities [Abstract]    
Trust preferred and corporate securities 0 0
Small business administration securities 0 0
Obligations of states and political subdivisions 19,413 18,980
Non-bank qualified obligations of states and political subdivisions 261,330 192,160
Mortgage-backed securities 66,104 68,172
Total debt securities 346,847 279,312
Common equities and mutual funds 0 0
Total securities 346,847 279,312
Recurring [Member] | Level 3 [Member]    
Available-for-sale Securities [Abstract]    
Trust preferred and corporate securities 0 0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common Equities and Mutual Funds, Available-for-Sale 0 0
Total securities 0 0
Held-to-maturity Securities [Abstract]    
Trust preferred and corporate securities 0 0
Small business administration securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Mortgage-backed securities 0 0
Total debt securities 0 0
Common equities and mutual funds 0 0
Total securities 0 0
Nonrecurring [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 2,543 1,167
Nonrecurring [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   1,152
Nonrecurring [Member] | One to Four Family Residential Mortgage Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   222
Nonrecurring [Member] | Commercial and Multi-Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 663 930
Nonrecurring [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 1,880  
Nonrecurring [Member] | Foreclosed Assets, Net [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   15
Nonrecurring [Member] | Level 1 [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Nonrecurring [Member] | Level 1 [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 1 [Member] | One to Four Family Residential Mortgage Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 1 [Member] | Commercial and Multi-Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Nonrecurring [Member] | Level 1 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 1 [Member] | Foreclosed Assets, Net [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 2 [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Nonrecurring [Member] | Level 2 [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 2 [Member] | One to Four Family Residential Mortgage Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 2 [Member] | Commercial and Multi-Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0 0
Nonrecurring [Member] | Level 2 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 0  
Nonrecurring [Member] | Level 2 [Member] | Foreclosed Assets, Net [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   0
Nonrecurring [Member] | Level 3 [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 2,543 1,167
Nonrecurring [Member] | Level 3 [Member] | Total Impaired Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   1,152
Nonrecurring [Member] | Level 3 [Member] | One to Four Family Residential Mortgage Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   222
Nonrecurring [Member] | Level 3 [Member] | Commercial and Multi-Family Real Estate [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value 663 930
Nonrecurring [Member] | Level 3 [Member] | Agricultural Operating Loans [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value $ 1,880  
Nonrecurring [Member] | Level 3 [Member] | Foreclosed Assets, Net [Member]    
Fair value of assets measured on non-recurring basis [Abstract]    
Fair value   $ 15
v3.3.1.900
FAIR VALUES OF FINANCIAL INSTRUMENTS, Quantitative Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Minimum [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost (in hundredths) 4.00%  
Maximum [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost (in hundredths) 10.00%  
Level 3 [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fair value $ 707,774 $ 504,388
Impaired Loans [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fair value $ 2,543 1,152
Valuation techniques [1] Appraised values  
Foreclosed Assets [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Fair value $ 0 $ 15
Valuation techniques [1] Appraised values  
[1] The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs in a range of 4% to 10%.
v3.3.1.900
FAIR VALUES OF FINANCIAL INSTRUMENTS, Balance Sheet Grouping (Details) - USD ($)
$ in Thousands
Sep. 30, 2015
Sep. 30, 2014
Financial assets [Abstract]    
Securities available for sale $ 1,256,087 $ 1,140,216
Securities held to maturity 346,847 279,312
Level 1 [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 27,658 29,832
Securities available for sale 914 825
Securities held to maturity 0 0
Total securities 914  
Loans receivable: [Abstract]    
Total loans receivable 0 0
Federal Home Loan Bank stock 0 0
Accrued interest receivable 13,352 11,222
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 1,369,672 1,126,715
Interest bearing demand deposits, savings, and money markets 115,204 105,273
Certificates of deposit 0 0
Total deposits 1,484,876 1,231,988
Advances from Federal Home Loan Bank 0 0
Federal funds purchased 0 0
Securities sold under agreements to repurchase 0 0
Subordinated debentures 0 0
Accrued interest payable 272 318
Level 2 [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 0 0
Securities available for sale 1,255,173 1,139,391
Securities held to maturity 346,847 279,312
Total securities 1,602,020  
Loans receivable: [Abstract]    
Total loans receivable 0 0
Federal Home Loan Bank stock 24,410 21,245
Accrued interest receivable 0 0
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 0 0
Interest bearing demand deposits, savings, and money markets 0 0
Certificates of deposit 91,304 134,746
Total deposits 91,304 134,746
Advances from Federal Home Loan Bank 8,630 8,789
Federal funds purchased 540,000 470,000
Securities sold under agreements to repurchase 4,007 10,414
Subordinated debentures 10,416 10,415
Accrued interest payable 0 0
Level 3 [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 0 0
Securities available for sale 0 0
Securities held to maturity 0 0
Total securities 0  
Loans receivable: [Abstract]    
Total loans receivable 707,774 504,388
Federal Home Loan Bank stock 0 0
Accrued interest receivable 0 0
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 0 0
Interest bearing demand deposits, savings, and money markets 0 0
Certificates of deposit 0 0
Total deposits 0 0
Advances from Federal Home Loan Bank 0 0
Federal funds purchased 0 0
Securities sold under agreements to repurchase 0 0
Subordinated debentures 0 0
Accrued interest payable 0 0
Carrying Amount [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 27,658 29,832
Securities available for sale 1,256,087 1,140,216
Securities held to maturity 345,744 282,933
Total securities 1,601,831  
Loans receivable: [Abstract]    
Total loans receivable 713,087 499,201
Federal Home Loan Bank stock 24,410 21,245
Accrued interest receivable 13,352 11,222
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 1,449,101 1,126,715
Interest bearing demand deposits, savings, and money markets 117,262 105,273
Certificates of deposit 91,171 134,553
Total deposits 1,657,534 1,366,541
Advances from Federal Home Loan Bank 7,000 7,000
Federal funds purchased 540,000 470,000
Securities sold under agreements to repurchase 4,007 10,411
Subordinated debentures 10,310 10,310
Accrued interest payable 272 318
Estimated Fair Value [Member]    
Financial assets [Abstract]    
Cash and cash equivalents 27,658 29,832
Securities available for sale 1,256,087 1,140,216
Securities held to maturity 346,847 279,312
Total securities 1,602,934  
Loans receivable: [Abstract]    
Total loans receivable 707,774 504,388
Federal Home Loan Bank stock 24,410 21,245
Accrued interest receivable 13,352 11,222
Financial liabilities [Abstract]    
Noninterest bearing demand deposits 1,369,672 1,126,715
Interest bearing demand deposits, savings, and money markets 115,204 105,273
Certificates of deposit 91,304 134,746
Total deposits 1,576,180 1,366,734
Advances from Federal Home Loan Bank 8,630 8,789
Federal funds purchased 540,000 470,000
Securities sold under agreements to repurchase 4,007 10,414
Subordinated debentures 10,416 10,415
Accrued interest payable 272 318
One to Four Family Residential Mortgage Loans [Member] | Level 1 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
One to Four Family Residential Mortgage Loans [Member] | Level 2 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
One to Four Family Residential Mortgage Loans [Member] | Level 3 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 121,385 111,254
One to Four Family Residential Mortgage Loans [Member] | Carrying Amount [Member]    
Loans receivable: [Abstract]    
Total loans receivable 125,021 116,395
One to Four Family Residential Mortgage Loans [Member] | Estimated Fair Value [Member]    
Loans receivable: [Abstract]    
Total loans receivable 121,385 111,254
Commercial and Multifamily Real Estate Loans [Member] | Level 1 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Commercial and Multifamily Real Estate Loans [Member] | Level 2 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Commercial and Multifamily Real Estate Loans [Member] | Level 3 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 314,372 234,845
Commercial and Multifamily Real Estate Loans [Member] | Carrying Amount [Member]    
Loans receivable: [Abstract]    
Total loans receivable 310,199 224,302
Commercial and Multifamily Real Estate Loans [Member] | Estimated Fair Value [Member]    
Loans receivable: [Abstract]    
Total loans receivable 314,372 234,845
Agricultural Real Estate Loans [Member] | Level 1 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Agricultural Real Estate Loans [Member] | Level 2 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Agricultural Real Estate Loans [Member] | Level 3 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 66,682 58,651
Agricultural Real Estate Loans [Member] | Carrying Amount [Member]    
Loans receivable: [Abstract]    
Total loans receivable 64,316 56,071
Agricultural Real Estate Loans [Member] | Estimated Fair Value [Member]    
Loans receivable: [Abstract]    
Total loans receivable 66,682 58,651
Consumer Loans [Member] | Level 1 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Consumer Loans [Member] | Level 2 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Consumer Loans [Member] | Level 3 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 33,504 29,580
Consumer Loans [Member] | Carrying Amount [Member]    
Loans receivable: [Abstract]    
Total loans receivable 33,527 29,329
Consumer Loans [Member] | Estimated Fair Value [Member]    
Loans receivable: [Abstract]    
Total loans receivable 33,504 29,580
Commercial Operating Loans [Member] | Level 1 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Commercial Operating Loans [Member] | Level 2 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Commercial Operating Loans [Member] | Level 3 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 23,245 25,660
Commercial Operating Loans [Member] | Carrying Amount [Member]    
Loans receivable: [Abstract]    
Total loans receivable 29,893 30,846
Commercial Operating Loans [Member] | Estimated Fair Value [Member]    
Loans receivable: [Abstract]    
Total loans receivable 23,245 25,660
Agricultural Operating Loans [Member] | Level 1 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Agricultural Operating Loans [Member] | Level 2 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0 0
Agricultural Operating Loans [Member] | Level 3 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 40,003 44,398
Agricultural Operating Loans [Member] | Carrying Amount [Member]    
Loans receivable: [Abstract]    
Total loans receivable 43,626 42,258
Agricultural Operating Loans [Member] | Estimated Fair Value [Member]    
Loans receivable: [Abstract]    
Total loans receivable 40,003 $ 44,398
Premium Finance Loans [Member] | Level 1 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0  
Premium Finance Loans [Member] | Level 2 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 0  
Premium Finance Loans [Member] | Level 3 [Member]    
Loans receivable: [Abstract]    
Total loans receivable 108,583  
Premium Finance Loans [Member] | Carrying Amount [Member]    
Loans receivable: [Abstract]    
Total loans receivable 106,505  
Premium Finance Loans [Member] | Estimated Fair Value [Member]    
Loans receivable: [Abstract]    
Total loans receivable $ 108,583  
v3.3.1.900
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 08, 2015
Dec. 02, 2014
Finite-Lived Intangible Assets [Line Items]          
Goodwill $ 0 $ 0 $ 36,928    
Amortizable intangible assets [Abstract]          
Balance, beginning of period 0 0      
Acquisitions during the period 36,928 0      
Write-offs during the period 0 0      
Balance, end of period 36,928 0      
Intangible Assets [Roll Forward]          
Balance, end of period 33,577        
Total [Roll Forward]          
Balance, beginning of period 2,588 2,339      
Acquisitions during the period 32,685 331      
Amortization during the period (1,635) (78)      
Write-offs during the period (61) (4)      
Balance, end of period 33,577 2,588      
Anticipated intangible amortization [Abstract]          
2016     4,819    
2017     4,116    
2018     3,517    
2019     3,001    
2020     2,598    
Thereafter     15,526    
Total anticipated intangible amortization 33,577   33,577    
AFS/IBEX Financial Services Inc [Member]          
Finite-Lived Intangible Assets [Line Items]          
Goodwill         $ 11,578
Refund Advantage [Member]          
Finite-Lived Intangible Assets [Line Items]          
Goodwill       $ 25,351  
Trademark [Member]          
Intangible Assets [Roll Forward]          
Balance, beginning of period 0 0      
Acquisitions during the period 5,490 0      
Amortization during the period (51) 0      
Write-offs during the period 0 0      
Balance, end of period 5,439 0      
Anticipated intangible amortization [Abstract]          
Total anticipated intangible amortization $ 0 0 5,439    
Trademark [Member] | AFS/IBEX Financial Services Inc [Member]          
Amortizable intangible assets [Abstract]          
Amount     540    
Book Amortization Period 15 years        
Method Straight Line        
Trademark [Member] | Refund Advantage [Member]          
Amortizable intangible assets [Abstract]          
Amount     4,950    
Book Amortization Period 15 years        
Method Straight Line        
Non-Compete [Member]          
Intangible Assets [Roll Forward]          
Balance, beginning of period $ 0 0      
Acquisitions during the period 300 0      
Amortization during the period (73) 0      
Write-offs during the period 0 0      
Balance, end of period 227 0      
Anticipated intangible amortization [Abstract]          
Total anticipated intangible amortization $ 0 0 227    
Non-Compete [Member] | AFS/IBEX Financial Services Inc [Member]          
Amortizable intangible assets [Abstract]          
Amount     260    
Book Amortization Period 3 years        
Method Straight Line        
Non-Compete [Member] | Refund Advantage [Member]          
Amortizable intangible assets [Abstract]          
Amount     40    
Book Amortization Period 3 years        
Method Straight Line        
Customer Relationships [Member]          
Intangible Assets [Roll Forward]          
Balance, beginning of period $ 0 0      
Acquisitions during the period 26,040 0      
Amortization during the period (1,229) 0      
Write-offs during the period 0 0      
Balance, end of period 24,811 0      
Anticipated intangible amortization [Abstract]          
Total anticipated intangible amortization $ 0 0 24,811    
Customer Relationships [Member] | AFS/IBEX Financial Services Inc [Member]          
Amortizable intangible assets [Abstract]          
Amount     7,240    
Book Amortization Period 30 years        
Method Accelerated        
Customer Relationships [Member] | Refund Advantage [Member]          
Amortizable intangible assets [Abstract]          
Amount     18,800    
Method Accelerated        
Customer Relationships [Member] | Refund Advantage [Member] | Minimum [Member]          
Amortizable intangible assets [Abstract]          
Book Amortization Period 12 years        
Customer Relationships [Member] | Refund Advantage [Member] | Maximum [Member]          
Amortizable intangible assets [Abstract]          
Book Amortization Period 20 years        
Other [Member]          
Intangible Assets [Roll Forward]          
Balance, beginning of period $ 2,588 2,339      
Acquisitions during the period 855 331      
Amortization during the period (282) (78)      
Write-offs during the period (61) (4)      
Balance, end of period 3,100 2,588      
Anticipated intangible amortization [Abstract]          
Total anticipated intangible amortization $ 2,588 $ 2,339 3,100    
Other [Member] | AFS/IBEX Financial Services Inc [Member]          
Amortizable intangible assets [Abstract]          
Amount     173    
Method Straight Line        
Other [Member] | Refund Advantage [Member]          
Amortizable intangible assets [Abstract]          
Amount     $ 329    
Method Straight Line