META FINANCIAL GROUP INC, 10-K filed on 11/23/2021
Annual Report
v3.21.2
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Nov. 18, 2021
Mar. 31, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Sep. 30, 2021    
Current Fiscal Year End Date --09-30    
Document Transition Report false    
Entity File Number 0-22140    
Entity Registrant Name META FINANCIAL GROUP INC    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 42-1406262    
Entity Address, Address Line One 5501 South Broadband Lane    
Entity Address, City or Town Sioux Falls    
Entity Address, State or Province SD    
Entity Address, Postal Zip Code 57108    
City Area Code 877    
Local Phone Number 497-7497    
Title of 12(b) Security Common Stock, $.01 par value    
Trading Symbol CASH    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 1,400.0
Entity Common Stock, Shares Outstanding (in shares)   30,548,503  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
 
PART III of Form 10-K -- Portions of the Proxy Statement for the Annual Meeting of Stockholders expected to be held February 22, 2022 are incorporated by reference into Part III of this report.
    
Entity Central Index Key 0000907471    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.21.2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
ASSETS    
Cash and cash equivalents $ 314,019 $ 427,367
Investment securities available for sale, at fair value 847,870 814,495
Mortgage-backed securities available for sale, at fair value 1,017,029 453,607
Investment securities held to maturity, at amortized cost (fair value $52,576 and $88,194, respectively) 52,944 87,183
Mortgage-backed securities held to maturity, at amortized cost 3,725 5,427
Loans held for sale 56,194 183,577
Loans and leases 3,609,563 3,322,765
Allowance for credit losses (68,281) (56,188)
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 28,400 27,138
Accrued interest receivable 16,254 16,628
Premises, furniture, and equipment, net 44,888 41,608
Rental equipment, net 213,116 205,964
Bank-owned life insurance 94,749 92,315
Foreclosed real estate and repossessed assets, net 2,077 9,957
Goodwill 309,505 309,505
Intangible assets 33,148 41,692
Prepaid assets 10,513 8,328
Deferred taxes, net 25,173 17,723
Other assets 79,764 82,983
Total assets 6,690,650 6,092,074
Deposits:    
Noninterest-bearing checking 5,018,233 4,356,630
Interest-bearing checking 254,721 157,571
Savings deposits 86,356 47,866
Money market deposits 67,204 48,494
Time certificates of deposit 9,091 20,223
Wholesale deposits 79,366 348,416
Total deposits 5,514,971 4,979,200
Long-term borrowings 92,834 98,224
Accrued interest payable 579 1,923
Accrued expenses and other liabilities 210,382 165,419
Total liabilities 5,818,766 5,244,766
STOCKHOLDERS’ EQUITY    
Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at September 30, 2021 and 2020, respectively 0 0
Additional paid-in capital 604,484 594,569
Retained earnings 259,189 234,927
Accumulated other comprehensive income (loss) 7,599 17,542
Treasury stock, at cost, 16,531 and 118,274 common shares at September 30, 2021 and 2020, respectively (860) (3,677)
Total equity attributable to parent 870,729 843,705
Noncontrolling interest 1,155 3,603
Total stockholders’ equity 871,884 847,308
Total liabilities and stockholders’ equity 6,690,650 6,092,074
Common Class A    
STOCKHOLDERS’ EQUITY    
Common stock 317 344
Nonvoting Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock $ 0 $ 0
v3.21.2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
STOCKHOLDERS’ EQUITY    
Fair Value $ 56,391 $ 93,745
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
Treasury stock (in shares) 16,531 118,274
Non Bank Qualified Obligations U S States And Political Subdivisions [Member]    
STOCKHOLDERS’ EQUITY    
Fair Value $ 52,576 $ 88,194
Common Class A    
STOCKHOLDERS’ EQUITY    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 90,000,000 90,000,000
Common stock, shares issued (in shares) 31,686,483 34,479,164
Common stock, shares outstanding (in shares) 31,669,952 34,360,890
Nonvoting Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,000,000 3,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:      
Loans and leases, including fees $ 256,080 $ 261,128 $ 274,528
Mortgage-backed securities 12,155 9,028 11,390
Other investments 17,619 22,685 39,811
Total interest and dividend income 285,854 292,841 325,729
Interest expense:      
Deposits 1,593 22,616 46,648
FHLB advances and other borrowings 5,270 11,187 14,874
Total interest expense 6,863 33,803 61,522
Net interest income 278,991 259,038 264,207
Provision for credit losses 49,766 64,776 55,650
Net interest income after provision for credit losses 229,225 194,262 208,557
Noninterest income:      
Net gain realized on investment securities 6 51 729
Gain on divestitures 0 19,275 0
Gain on sale of other 11,515 4,425 7,831
Other income 26,240 14,641 9,975
Total noninterest income 270,904 239,794 222,545
Noninterest expense:      
Compensation and benefits 151,090 136,247 155,811
Refund transfer product expense 11,861 7,644 7,526
Tax advance product expense 2,564 2,723 3,102
Card processing 27,201 25,956 23,677
Occupancy and equipment expense 29,269 26,995 28,071
Operating lease equipment depreciation 30,987 32,831 26,181
Legal and consulting 31,341 20,858 17,310
Intangible amortization 8,545 10,997 17,711
Impairment expense 2,818 1,982 9,660
Other expense 48,007 52,818 44,111
Total noninterest expense 343,683 319,051 333,160
Income before income tax expense 156,446 115,005 97,942
Income tax expense (benefit) 10,701 5,661 (3,374)
Net income before noncontrolling interest 145,745 109,344 101,316
Net income attributable to noncontrolling interest 4,037 4,624 4,312
Net income attributable to parent $ 141,708 $ 104,720 $ 97,004
Earnings per common share:      
Basic (in dollars per share) $ 4.38 $ 2.94 $ 2.49
Diluted (in dollars per share) $ 4.38 $ 2.94 $ 2.49
Refund transfer product fees      
Noninterest income:      
Noninterest income: $ 37,967 $ 36,061 $ 39,198
Tax advance product fees      
Noninterest income:      
Noninterest income: 47,639 31,826 34,687
Payment card and deposit fees      
Noninterest income:      
Noninterest income: 107,182 87,379 87,130
Other bank and deposit fees      
Noninterest income:      
Noninterest income: 939 1,310 1,942
Rental income      
Noninterest income:      
Noninterest income: $ 39,416 $ 44,826 $ 41,053
v3.21.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]      
Net income before noncontrolling interest $ 145,745 $ 109,344 $ 101,316
Other comprehensive income (loss):      
Change in net unrealized gain (loss) on debt securities (13,896) 15,164 53,739
Net (gain) realized on investment securities (6) (51) (729)
Total available for sale adjustment (13,902) 15,113 53,010
Unrealized gain (loss) on currency translation 476 (101) (122)
Deferred income tax effect (3,483) 3,809 12,963
Total other comprehensive income (loss) (9,943) 11,203 39,925
Total comprehensive income 135,802 120,547 141,241
Total comprehensive income attributable to noncontrolling interest 4,037 4,624 4,312
Comprehensive income attributable to parent $ 131,765 $ 115,923 $ 136,929
v3.21.2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Adjustment
Total Meta Stockholders’ Equity
Total Meta Stockholders’ Equity
Adjustment
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Adjustment
Treasury Stock
Non-controlling interest
Non-controlling interest
Adjustment
Balance at the beginning of the period at Sep. 30, 2018 $ 747,726   $ 744,152   $ 393 $ 565,811 $ 213,048   $ (33,111)   $ (1,989) $ 3,574  
Balance at the beginning of the period (Accounting Standards Update 2014-09) at Sep. 30, 2018   $ 1,502   $ 1,502       $ 1,502          
Balance at the beginning of the period (Accounting Standards Update 2016-01) at Sep. 30, 2018               475   $ (475)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Cash dividends declared on common stock (7,760)   (7,760)       (7,760)            
Issuance of common shares due to exercise of stock options 44   44     44              
Issuance of common shares due to restricted stock 3   3   3                
Issuance of common shares due to ESOP 2,011   2,011     2,011              
Shares repurchased (49,912)   (49,912)   (18) 18 (46,500)       (3,412)    
Retirement of treasury stock             (4,956)       4,956    
Stock compensation 12,942   12,942     12,942              
Total other comprehensive income (loss) 39,925   39,925           39,925        
Net income before noncontrolling interest 101,316   97,004       97,004         4,312  
Net investment by (distribution to) noncontrolling interests (3,839)                     (3,839)  
Balance at the end of the period at Sep. 30, 2019 843,958   839,911   378 580,826 252,813   6,339   (445) 4,047  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Cash dividends declared on common stock (7,100)   (7,100)       (7,100)            
Issuance of common shares due to exercise of stock options 266   266   1 265              
Issuance of common shares due to restricted stock 2   2   2                
Issuance of common shares due to ESOP 3,220   3,220   1 3,219              
Shares repurchased (118,738)   (118,738)   (38) 38 (115,506)       (3,232)    
Stock compensation 10,221   10,221     10,221              
Total other comprehensive income (loss) 11,203   11,203           11,203        
Net income before noncontrolling interest 109,344   104,720       104,720         4,624  
Net investment by (distribution to) noncontrolling interests (5,068)                     (5,068)  
Balance at the end of the period at Sep. 30, 2020 847,308   843,705   344 594,569 234,927 (8,400) 17,542   (3,677) 3,603 $ (2,500)
Balance at the end of the period (Accounting Standards Update 2016-13) at Sep. 30, 2020   $ (10,803)   $ (8,351)       $ (8,351)         $ (2,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Cash dividends declared on common stock (6,400)   (6,400)       (6,400)            
Issuance of common shares due to ESOP 3,036   3,036   2 3,034              
Shares repurchased (99,878)   (99,878)   (29) 29 (96,999)       (2,879)    
Retirement of treasury stock             (5,696)       5,696    
Stock compensation 6,852   6,852     6,852              
Total other comprehensive income (loss) (9,943)   (9,943)           (9,943)        
Net income before noncontrolling interest 145,745   141,708       141,708         4,037  
Net investment by (distribution to) noncontrolling interests (4,033)                     (4,033)  
Balance at the end of the period at Sep. 30, 2021 $ 871,884   $ 870,729   $ 317 $ 604,484 $ 259,189   $ 7,599   $ (860) $ 1,155  
v3.21.2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Cash dividends declared on common stock (in dollars per share) $ 0.20 $ 0.20 $ 0.20
Accounting Standards Update 2014-09      
Accounting Standards Update [Extensible Enumeration]     Accounting Standards Update 2014-09
Accounting Standards Update 2016-01      
Accounting Standards Update [Extensible Enumeration]     Accounting Standards Update 2016-01
Accounting Standards Update 2016-13      
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-13    
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:      
Net income before noncontrolling interest $ 145,745,000 $ 109,344,000 $ 101,316,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation, amortization and accretion, net 59,047,000 60,745,000 55,149,000
Stock compensation 6,852,000 10,221,000 12,942,000
Provision (recovery):      
Credit losses 49,766,000 64,776,000 55,650,000
Deferred taxes (1,639,000) (2,347,000) (14,301,000)
Loans held for sale:      
Originations (601,481,000) (98,798,000) (171,260,000)
Purchases 0 0 (15,443,000)
Proceeds from sales 890,340,000 319,123,000 125,357,000
Net change 588,000 22,855,000 31,819,000
Fair value adjustment of foreclosed real estate 591,000 568,000 139,000
Net realized (gain) loss:      
Other assets 28,000 361,000 (89,000)
Divestitures 0 (19,275,000) 0
Foreclosed real estate and repossessed assets (4,000) 4,960,000 278,000
Securities available for sale, net (6,000) (51,000) (729,000)
Loans held for sale (8,610,000) (5,389,000) (5,089,000)
Lease receivables and equipment (2,257,000) (4,335,000) (2,930,000)
Net change:      
Other assets 825,000 1,524,000 (5,427,000)
Deposits held for sale 0 1,535,000 0
Accrued interest payable (1,344,000) (7,491,000) 1,620,000
Accrued expenses and other liabilities 45,264,000 8,643,000 16,623,000
Accrued interest receivable 374,000 2,050,000 1,616,000
Change in bank-owned life insurance value (2,434,000) (2,488,000) (2,534,000)
Impairment on assets held for sale 0 242,000 0
Impairment on rental equipment 0 447,000 6,194,000
Impairment of intangibles 0 0 111,000
Net cash provided by operating activities 581,645,000 467,220,000 191,012,000
Securities available for sale:      
Purchases (1,041,768,000) (229,326,000) (299,269,000)
Proceeds from sales 50,468,000 4,904,000 755,616,000
Proceeds from maturities and principal repayments 371,898,000 237,254,000 164,044,000
Securities held to maturity:      
Proceeds from maturities and principal repayments 34,268,000 40,017,000 35,025,000
Loans and leases:      
Purchases (311,332,000) (151,435,000) (262,622,000)
Proceeds from sales 13,850,000 9,991,000 13,838,000
Net change (196,356,000) (100,508,000) (591,785,000)
Proceeds from sales of foreclosed real estate and repossessed assets 8,952,000 23,992,000 1,905,000
Federal Reserve Bank and Federal Home Loan Bank stock:      
Purchases (1,296,000) (472,000,000) (878,316,000)
Redemption 34,000 475,778,000 870,800,000
Rental equipment:      
Purchases (50,437,000) (53,637,000) (144,432,000)
Proceeds from sales 16,822,000 14,692,000 8,301,000
Net change (630,000) 2,623,000 1,567,000
Premises, furniture, and equipment:      
Purchases (12,961,000) (12,266,000) (13,971,000)
Proceeds from sales 86,000 107,000 101,000
Proceeds from divestitures 0 3,498,000 0
Net cash (used in) investing activities (1,118,402,000) (206,316,000) (339,198,000)
Cash flows from financing activities:      
Checking, savings, and money market deposits 815,953,000 2,229,075,000 48,897,000
Time certificates of deposit (11,132,000) (89,062,000) (167,044,000)
Wholesale deposits (269,050,000) (1,208,885,000) 26,014,000
FHLB and other borrowings 0 (275,000,000) 275,000,000
Federal funds 0 (477,000,000) 55,000,000
Securities sold under agreements to repurchase 0 (4,019,000) 325,000
Distribution to noncontrolling interest (4,033,000) (5,068,000) (3,839,000)
Proceeds from other liabilities 80,000 1,633,000 7,916,000
Other liabilities (5,611,000) (7,568,000) (11,691,000)
Capital lease obligations (32,000) (1,737,000) (88,000)
Cash dividends paid (6,400,000) (7,100,000) (7,760,000)
Issuance of common stock due to ESOP 3,036,000 3,220,000 2,011,000
Issuance of common stock due to restricted stock 0 2,000 3,000
Proceeds from exercise of stock options and issuance of common stock 0 266,000 44,000
Shares repurchased (99,878,000) (118,738,000) (49,912,000)
Net cash provided by financing activities 422,933,000 40,019,000 174,876,000
Effect of exchange rate changes on cash 476,000 (101,000) (122,000)
Net change in cash and cash equivalents (113,348,000) 300,822,000 26,568,000
Cash and cash equivalents at beginning of fiscal year 427,367,000 126,545,000 99,977,000
Cash and cash equivalents at end of fiscal period 314,019,000 427,367,000 126,545,000
Supplemental disclosure of cash flow information:      
Interest 8,207,000 41,294,000 59,902,000
Income taxes 8,038,000 6,223,000 (2,821,000)
Franchise taxes 250,000 281,000 223,000
Other taxes 722,000 535,000 557,000
Transfers      
Loans and leases to foreclosed real estate and repossessed assets 9,000 9,983,000 0
Loans and leases to rental equipment 28,604,000 2,134,000 0
Rental equipment to loan and leases 24,324,000 8,924,000 210,000
Rental equipment to foreclosed real estate and repossessed assets 1,650,000 0 0
Loans and leases to held for sale 188,638,000 542,101,000 99,992,000
Held for sale to loans and leases 36,919,000 0 0
Other assets to held for sale 0 7,858,000 0
Deposits to held for sale 0 288,975,000 0
Recognition of operating lease ROU assets, net of measurements 12,954,000 28,666,000 0
Short and long term debt transferred from other liabilities $ 0 $ 0 $ 20,026,000
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
PRINCIPLES OF CONSOLIDATION
The Consolidated Financial Statements include the accounts of Meta Financial Group, Inc. (the “Company”), a registered bank holding company located in Sioux Falls, South Dakota, and its wholly-owned subsidiaries. The Company's subsidiaries include MetaBank (the “Bank”), a national bank whose primary federal regulator is the Office of the Comptroller of the Currency (the "OCC"), and Meta Capital, LLC, a wholly-owned service corporation subsidiary of MetaBank which invests in companies in the financial services industry. All significant intercompany balances and transactions have been eliminated. 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, and Crestmark Capital Trust I, which was acquired from the Crestmark Acquisition in August 2018. The Trust and Crestmark Capital Trust I are not included in the Consolidated Financial Statements of the Company. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities ("VIEs") and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the Consolidated Financial Statements.

Variable Interest Entities
VIEs are defined by contractual ownership or other interests that change with fluctuations in the VIE's net asset value. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impacts the VIE’s economic performance, and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. To determine whether or not a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of the Company's involvement with the VIE. Further, the Company assesses whether or not the Company is the primary beneficiary of a VIE on an ongoing basis.

Crestmark Capital Trust I qualifies as a VIE for which the Company is not the primary beneficiary. Consequently, the accounts of that entity are not consolidated in the Company’s Financial Statements.

As a result of the Crestmark Acquisition, the Company acquired existing membership interests of five joint venture limited liability companies (the "LLCs"). The Company holds 80% of the membership interests in each of the five LLC entities, which offer commercial lending and other financing arrangements. In connection with these LLCs, the Company exclusively provides funding for each entity's activities. The Company determined it is the primary beneficiary of all five LLCs as it has the managing power under the terms of each of the LLC operating agreements. Results of the five LLCs are reflected in the Company's September 30, 2021 Consolidated Financial Statements and are summarized below. The assets recognized as a result of consolidating the LLCs are the property of the LLCs and are not available for any other purpose.

(Dollars in Thousands)At September 30, 2021
Cash and cash equivalents$1,776 
Loans and leases117,544 
Allowance for credit losses(4,971)
Accrued interest receivable261 
Foreclosed real estate and repossessed assets, net258 
Other assets3,913 
Total assets118,781 
Accrued expenses and other liabilities1,876 
Noncontrolling interest1,155 
Net assets less noncontrolling assets$115,750 
Amounts for noncontrolling interests reflect the proportionate share of membership interest (equity) and net income attributable to the holders of minority membership interest in the following entities:

•Capital Equipment Solutions, LLC (“CES”) - CES engages in the business of providing equipment financing term loans.

•CM Help, LLC - CM Help provides flexible patient loan programs to hospitals and patient clients of hospitals as a financing alternative for the self-pay and co-pay portions of patients’ hospital expenses.

•CM Southgate II, LLC - CM Southgate II engages in the business of acquiring fleet leases and semi-trailer/tractor loans and leases.

•CM Sterling, LLC - CM Sterling engages in asset based lending and factoring.

•CM TFS, LLC - CM TFS engages in the business of acquiring equipment financing term loans and leases.

NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION
One of the Company's primary sources of revenue 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 revenue for the Company is interest from the purchase or origination of commercial finance loans, consumer finance loans, and warehouse finance loans. The Company accepts deposits from customers in the normal course of business on a national basis through its Meta Payments and tax services divisions, and through wholesale funding. 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 three reporting segments. See Note 21. Segment Reporting for additional information on the Company's segment reporting.
 
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
The preparation of Consolidated Financial Statements in conformity with 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 valuation of residual values within lease receivables, allowance for credit losses, the valuation of goodwill and 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
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 Federal Home Loan Bank ("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 zero at September 30, 2021, and zero at September 30, 2020. 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, 2021, the Company had $2.3 million interest-bearing deposits held at the FHLB and $184.7 million in interest-bearing deposits held at the FRB. 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 requires that, at acquisition, an enterprise classify debt securities into one of three categories: Available for Sale (“AFS”), Held to Maturity (“HTM”) or trading. AFS debt securities are carried at fair value on the Consolidated Statements of Financial Condition. Unrealized holding gains and losses due to risk of credit loss are recognized in earnings while unrealized holding gains and losses due to market conditions and other non-credit risk factors are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (loss) (“AOCI”). See Note 24. Fair Values of Financial Instruments for additional information on fair value of AFS debt securities. HTM debt securities are measured at amortized cost. The Company classifies the majority of its debt securities as AFS, which are those the Company may decide to sell if needed for liquidity, asset/liability management, or other reasons. Both AFS and HTM are subject to an allowance for credit loss. Meta did not hold trading securities at September 30, 2021 or 2020.
 
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 using the level yield method, is included in income as earned. For callable debt securities, any purchase premium is amortized to the first call date while any discount is accreted over the contractual life of the security.

Debt Securities Credit Losses
The Company evaluates HTM debt securities for credit losses on a quarterly basis and records any such losses as a component of provision for credit losses in the Consolidated Statements of Operations. The Company has concluded that its portfolio as of September 30, 2021 has a zero risk of credit loss due to the U.S. Government financial guarantees underlying the securities within the HTM portfolio and as a result has not recorded an allowance for credit loss.

The Company evaluates AFS debt securities for credit losses on a quarterly basis and records any such losses as a component of provision for credit losses in the Consolidated Statements of Operations. The Company has concluded that any unrealized holding losses in its portfolio as of September 30, 2021 are not related to credit loss and as a result has not recorded an allowance for credit loss. See Note 4. Securities for further information.

Equity Investments
The Company holds marketable equity securities, which have readily determinable fair value, and include common equity and mutual funds. These securities are recorded at fair value with unrealized gains and losses, due to changes in fair value, reflected in earnings. Interest and dividend income from these securities is recognized in interest income. See Note 4. Securities for additional information on marketable equity securities.

The Company also holds non-marketable equity investments that are included in Other Assets in the Company’s Consolidated Financial Statements. The Company generally accounts for these investments under the equity method or the provisions of Accounting Standards Codification ("ASC") 321. Equity Securities. Investments where the Company has significant influence, but not control, over the investee are accounted for under the equity method. Investments where the Company cannot exercise significant influence over the investee are measured at fair value, with changes in fair value recognized in earnings, unless those investments have no readily determinable fair value. Investments without readily determinable fair value are measured under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer ("measurement alternative investments").

The Company reviews for impairment for equity method and measurement alternative investments and includes an analysis of the facts and circumstances for each investment, expectations of cash flows, capital needs, and viability of its business model. For equity method, the asset carrying value is reduced when the decline in fair value is considered to be other than temporary. For measurement alternative investments, the asset carrying value is reduced when the fair value is less than the carrying value, without the consideration of recovery.
The Company held the following non-marketable equity investments:

•Equity Method - The Company held equity method investments of $3.1 million within other assets as of September 30, 2021 and $11.0 million at September 30, 2020. The Company’s ownership of such investments typically ranges from 5% - 25% of the investee. The Company recognized net earnings from these investments in the amount of $0.3 million within noninterest income for the fiscal year ended September 30, 2021. The Company elected to classify distributions received from equity method investments using the cumulative earnings approach on the Consolidated Statements of Cash Flows.

•Fair Value Method - The Company held equity investments measured at net asset value (NAV) per share (or its equivalent) of $4.6 million at September 30, 2021 and $2.8 million at September 30, 2020 where NAV is considered the fair value practical expedient. These investments are recorded within other assets on the Company’s Consolidated Financial Statements. Fluctuations in fair value are recognized in earnings within noninterest Income.

•Measurement Alternative - The Company held equity investments measured using the measurement alternative of $12.9 million as of September 30, 2021 and $12.0 million at September 30, 2020 within other assets on the Company’s Consolidated Financial Statements. The Company recognized a fair value increase of $8.0 million and none during the fiscal years ended September 30, 2021 and 2020, respectively. The Company recognized impairment losses of $2.6 million and $1.3 million on such investments during the fiscal years ended September 30, 2021 and 2020, respectively.

LOANS HELD FOR SALE ("LHFS")
LHFS include commercial loans originated under the guidelines of the SBA or USDA, consumer loans, and loans retained in the community bank portfolio. LHFS are held at the lower of cost or fair value. Generally, LHFS are valued on an aggregate portfolio basis. Any amount by which the cost exceeds fair value is initially recorded as a valuation allowance and subsequently reflected in the gain or loss on sale when sold. At September 30, 2021 and 2020, there was no valuation allowance recorded for LHFS. Gains and losses on LHFS are recorded in noninterest income on the Consolidated Statements of Operations. Loan costs and fees are deferred at origination and are recognized in income at the time of sale. Interest income is calculated based on the note rate of the loan and is recorded as interest income. For loans transferred to LHFS due to change in intent of holding the loans to maturity or for the foreseeable future, such loans are transferred at lower of cost or fair value.

LOANS AND LEASES

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 net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans, and unamortized premiums or discounts on purchased 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. Unearned income, deferred loan fees and costs, and discounts and premiums are amortized to interest income over the contractual life of the loan using the interest method. The Company generally places Community Banking loans on nonaccrual status when: the full and timely collection of interest or principal becomes uncertain; they are 90 days past due for interest or principal, unless they are both well-secured and in the process of collection; or part of the principal balance has been charged off. The majority of the Company's National Lending loans follow the same nonaccrual policy as Community Banking loans with certain commercial finance, consumer finance and tax service loans not generally being placed on non-accrual status, but instead are charged off when the collection of principal and interest become doubtful. When placed on nonaccrual status, the accrued unpaid interest receivable is reversed against interest income and any remaining amortizing of net deferred fees is suspended. Cash collected on these loans is applied to first reduce the carrying value of the loan with any remainder being recognized as interest income. Generally, a loan can return to accrual status when all delinquent interest and principal become current under the terms of the loan agreement and collectability of the remaining principal and interest is no longer doubtful. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Prior to the adoption of CECL, loans and leases on nonaccrual status were accounted for and disclosed as impaired loans and leases.
For commercial loans, the Company generally fully charges off or charges down to net realizable value (fair value of collateral, less estimated costs to sell) for loans secured by collateral when: management judges the loans to be uncollectible; repayment is deemed to be protracted beyond reasonable time frames; the loan has been classified as a loss by either the Company's internal loan review process or its banking regulatory agencies; the customer has filed bankruptcy and the loss becomes evident owing to lack of assets; or the loan meets a defined number of days past due unless the loan is both well-secured and in the process of collection. For consumer loans, the Company fully charges off or charges down to net realizable value when deemed uncollectible due to bankruptcy or other factors, or meets a defined number of days past due.

As part of the Company’s ongoing risk management practices, management generally 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. Modified loan terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance or other actions intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of the collateral. 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. 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. Prior to the adoption of CECL, loans and leases designated as TDRs were accounted for and disclosed as impaired loans and leases.

Leases Receivable
The Company provides various types of commercial lease financing that are classified for accounting purposes as direct financing, sales-type or operating leases. Leases that transfer substantially all of the benefits and risks of ownership to the lessee are classified as direct financing or sales-type leases and are included in loans and leases receivable on the Consolidated Statements of Financial Condition. Direct financing and sales-type leases are carried at the combined present value of future minimum lease payments and lease residual values. The determination of lease classification requires various judgments and estimates by management, including the fair value of equipment at lease inception, useful life of the equipment under lease, lease residual value, and collectability of minimum lease payments.

Sales-type leases generate dealer profit, which is recognized at lease inception by recording lease revenue net of lease cost. Lease revenue consists of the present value of the future minimum lease payments. Lease cost consists of the lease equipment’s book value, less the present value of its residual. Interest income on direct financing and sales-type leases is recognized using methods that approximate a level yield over the fixed, non-cancelable term of the lease. Recognition of interest income is generally discontinued at the time the lease becomes 90 days delinquent, unless the lease is well-secured and in process of collection. Delinquency and past due status is based on the contractual terms of the lease. The Company receives pro rata rent payments for the interim period until the lease contract commences and the fixed, non-cancelable lease term begins. Interim payments are recognized in the month they are earned and are recorded in interest income. Management has policies and procedures in place for the determination of lease classification and review of the related judgments and estimates for all lease financings.

The Company generally fully charges off or charges down to net realizable value (fair value of collateral, less estimated costs to sell) for leases when management judges the lease to be uncollectible; repayment is deemed to be protracted beyond reasonable time frames; the lease has been classified as a loss by either the Company's internal review process or its banking regulatory agencies; the customer has filed bankruptcy and the loss becomes evident owing to lack of assets; or the lease meets a defined number of days past due unless the lease is both well-secured and in the process of collection.
Some lease financings include a residual value component, which represents the estimated fair value of the leased equipment at the expiration of the initial term of the transaction. The estimation of the residual value involves judgments regarding product and technology changes, customer behavior, shifts in supply and demand, and other economic assumptions. The Company reviews residual assumptions at least annually and records impairment, if necessary, which is charged to non-interest expense in the period it becomes known. The Company may purchase and sell minimum lease payments, primarily as a credit risk reduction tool, to third-party financial institutions at fixed rates on a non-recourse basis with its underlying equipment as collateral. For those transactions that achieve sale treatment, the related lease cash flow stream and the non-recourse financing are derecognized. For those transactions that do not achieve sale treatment, the underlying lease remains on the Company’s Consolidated Statements of Financial Condition and non-recourse debt is recorded in the amount of the proceeds received. The Company retains servicing of these leases and bills, collects, and remits funds to the third-party financial institution. Upon default by the lessee, the third-party financial institutions may take control of the underlying collateral which the Company would otherwise retain as residual value.

Leases that do not transfer substantially all benefits and risks of ownership to the lessee are classified as operating leases. Such leased equipment are included in rental equipment on the Consolidated Statements of Financial Condition and are depreciated on a straight-line basis over the term of the lease to its estimated residual value. Depreciation expense is recorded as operating lease equipment depreciation expense within noninterest expense. Operating lease rental income is recognized when it becomes due and is reflected as a component of noninterest income. An ACL is not provided on operating leases.

LOAN SERVICING AND TRANSFERS OF FINANCIAL ASSETS
The Company, from time to time, sells loan participations, generally without recourse. The Company also sells commercial SBA and USDA loans to third parties, 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 and records a servicing asset, which is included within other assets on the Consolidated Statements of Financial Condition. At September 30, 2021 and 2020, the Bank was servicing loans for others with aggregate unpaid principal balances of $307.3 million and $232.3 million, respectively. The service fees and ancillary income related to these loans were immaterial.

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.

ALLOWANCE FOR CREDIT LOSSES
The ACL represents management’s estimate of current credit losses expected to be incurred by the loan and lease portfolio over the life of each financial asset as of the balance sheet date. The Company individually evaluates loans and leases that do not share similar risk characteristics with other financial assets for impairment, which generally means loans and leases identified as troubled debt restructurings or loans and leases on nonaccrual status. All other loans and leases are evaluated collectively for credit loss. A reserve for unfunded credit commitments such as letters of credit and binding unfunded loan commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition.

Individually evaluated loans and leases are a key component of the ACL. Generally, the Company measures credit loss on individually evaluated loans based on the fair value of the collateral less estimated selling costs, as the Company considers these financial assets to be collateral dependent. If an individually evaluated loan or lease is not collateral dependent, credit loss is measured at the present value of expected future cash flows discounted at the loan or lease initial effective interest rate.
Credit loss for all other loans and leases is evaluated collectively by various characteristics. The collective evaluation of expected losses in all commercial finance portfolios is based on a cohort loss rate and adjustments for forward-looking information, including industry and macroeconomic forecasts. The cohort loss rate is a life of loan loss rate that immediately reverts to historical loss information for the remaining maturity of the financial asset. Management has elected to use a twelve-month reasonable and supportable forecast for forward-looking information. Factors utilized in the determination of the allowance include historical loss experience, current economic forecasts and measurement date credit characteristics such as product type, delinquency, and industry. The unfunded credit commitments depend on these same factors, as well as estimates of lines of credit usage. The various quantitative and qualitative factors used in the methodologies are reviewed quarterly.

The collective evaluation of expected credit losses for certain consumer lending portfolios utilize different methodologies when estimating expected credit losses. The Company’s student loan portfolio utilizes a roll-rate historical loss rate and adjustments for forward-looking information, including macroeconomic conditions. Management has elected to use a twelve-month reasonable and supportable forecast with an immediate reversion to historical loss rates. Factors utilized in the determination of the allowance include historical loss experience, current economic forecasts, and measurement date credit characteristics including delinquency.

Loans and leases are charged off to the extent they are deemed uncollectible. Net charge-offs are included in historical data utilized for calculating the ACL. For commercial loans, the Company generally fully charges off or charges down to net realizable value (fair value of collateral, less estimated costs to sell) for loans secured by collateral when management judges the loan to be uncollectible, repayment is deemed to be protracted beyond a reasonable timeframe, the loan has been classified as a loss by either the Company’s internal loan review process or its banking regulatory agencies, the Company has filed bankruptcy and the loss becomes evident owing to lack of assets, or the loans meets a defined number of days past due unless the loan is both well-secured and is in the process of collection. For consumer loans, the Company fully charges off or charges down to net realizable value when deemed uncollectible due to bankruptcy or other factors or meets a defined number of days past due.

The amount of ACL depends significantly on management’s estimates or key factors and assumptions affecting valuation, appraisals of collateral, evaluations of performance and status, the amounts and timing of future cash flows expected to be received, forecasts of future economic conditions and reversion periods. Such estimates, appraisals, evaluations, cash flows and forecasts may be subject to frequent adjustments due to changing economic prospects of borrowers, lessees, properties or economic conditions. These estimates are reviewed quarterly and adjustments, if necessary, are recorded in the provision for credit losses in the periods in which they become known.

Accrued interest receivable is presented separately on the Consolidated Statements of Financial Condition, and an ACL is not recorded for these balances. Generally, when a loan or lease is placed on nonaccrual status, typically when the collection of interest or principal is 90 days or more past due, uncollected interest accrued in prior years is charged off against the ACL and interest accrued in the current year is reversed against interest income.

Management maintains a framework of controls over the estimation process for the ACL, including review of collective reserve methodologies for compliance with GAAP. Management has a quarterly process to review the appropriateness of historical observation periods and loss assumptions and risk ratings assigned to loans and leases, if applicable. Management reviews its qualitative framework and the effect on the collective reserve compared with relevant credit risk factors and consistency with credit trends. Management also maintains controls over information systems, models and spreadsheets used in the quantitative components of the reserve estimate. This includes the quality and accuracy of historical data used to derive loss rates, the inputs to industry and macroeconomic forecasts and the reversion periods utilized. The results of this process are summarized and presented to management quarterly for their approval of the recorded allowance. See Note 5. Loans and Leases, Net for further information.
The following are risk characteristics of the Company’s loan and lease portfolio:
Commercial Finance
The Company's commercial finance product lines include term lending, asset based lending, factoring, leasing, insurance premium finance, government guaranteed lending and other commercial finance products offered on a nationwide basis that are subject to adverse market conditions which may impact the borrower’s ability to make repayment on the loan or lease or could cause a decline in the value of the collateral that secures the loan or lease. The loans or leases are primarily made based on the operating cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of borrowers may be volatile and the value of the collateral securing these loans and leases may be difficult to measure. Most commercial finance loans and leases are secured by the assets being financed or other business assets such as accounts receivable or inventory. Although the loans and leases are often collateralized by equipment, inventory, accounts receivable, insurance premiums or other business assets, the liquidation of collateral in the event of a borrower default may be an insufficient source of repayment, because accounts receivable may be uncollectible and inventories and equipment may be obsolete or of limited use. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the management of the business and the credit-worthiness of borrowers and guarantors.

Consumer Finance
The Bank designs its credit program relationships with certain desired outcomes. Three high priority outcomes are liquidity, credit protection, and risk retention. The Bank believes the benefits of these outcomes not only support its goals but the goals of the credit program partner as well. The Bank designs its program credit protections in a manner so that the Bank earns a reasonable risk adjusted return, but is protected by certain layers of credit support, similar to what you would find in structured finance. The Bank will hold a sizable portion of the originated asset on its own balance sheet, but retains the flexibility to sell a portion of the originated asset to other interested parties, thereby supporting program liquidity. 

Tax Services
The Bank's tax services division provides short-term taxpayer advance loans. Taxpayers are underwritten to determine eligibility for these unsecured loans. Due to the nature of taxpayer advance loans, it typically takes no more than three e-file cycles (the period of time between scheduled IRS payments) from when the return is accepted by the IRS to collect from the borrower. In the event of default, the Bank has no recourse against the tax consumer. The Bank will charge off the balance of a taxpayer advance loan if there is a balance at the end of the calendar year, or when collection of principal becomes doubtful.

Through its tax services division, the Bank provides short-term electronic return originator ("ERO") advance loans on a nationwide basis. These loans are typically utilized by tax preparers to purchase tax preparation software and to prepare tax office operations for the upcoming tax season. EROs go through an underwriting process to determine eligibility for the unsecured advances. ERO loans are not collateralized. Collection on ERO advances begins once the ERO begins to process refund transfers. Generally, the Bank will charge off the balance of an ERO advance loan if there is a balance at the end of June, or when collection of principal becomes doubtful.

Warehouse Finance
The Bank participates in several asset-backed warehouse lines of credit whereby the Bank is in a senior, secured position as the first out participant. These facilities are primarily collateralized by consumer receivables, with the Bank holding a senior collateral position enhanced by a subordinate party structure.

Community Banking
Effective on February 29, 2020 (the "Closing Date") of the Community Bank division sale to Central Bank, the Company substantially ceased originating loans within its Community Banking loan portfolio. The Company entered a servicing agreement with Central Bank for the retained Community Bank loan portfolio that became effective on the Closing Date. See Note 3. Divestitures and Note 25. Subsequent Events for further information related to the Community Banking lending portfolio.
EARNINGS PER COMMON SHARE (“EPS”)
Basic earnings per share is computed by dividing income available to common stockholders after the allocation of dividends and undistributed earnings to the participating securities by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, and is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options and after the allocation of earnings to the participating securities. See Note 6. Earnings per Common Share for further information.

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. The Company primarily uses the straight-line method of depreciation over the estimated useful lives of the assets, which is 39 years for buildings, and range from two years to 15 years for leasehold improvements, and for furniture, fixtures and equipment. Assets are reviewed for impairment when events indicate the carrying amount may not be recoverable. See Note 7. Premises, Furniture and Equipment, Net for further information.

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.
 
GOODWILL
Goodwill represents the cost in excess of the fair value of net assets acquired (including identifiable intangibles) in transactions accounted for as business acquisitions. Goodwill is evaluated annually for impairment at a reporting unit level. The Company has determined that its reporting units are one level below the operating segments and distinguish these reporting units based on how the segments and reporting units are managed, taking into consideration the economic characteristics, nature of the products, and customers of the segments and reporting units. The Company performs its impairment evaluation as of September 30 of each fiscal year unless a triggering event occurs that would require an interim impairment evaluation. If the carrying amount of the reporting unit with goodwill exceeds its fair value, goodwill is considered impaired and is written down by the excess carrying value of the reporting unit. Subsequent increases in goodwill are not recognized in the Consolidated Financial Statements. No goodwill impairment was recognized during the fiscal years ended September 30, 2021, 2020 or 2019. See Note 10. Goodwill and Intangible Assets for further information.

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. See Note 10. Goodwill and Intangible Assets for further information.

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, 2021 and 2020, all shares in the ESOP were allocated. See Note 15. Employee Stock Ownership and Profit Sharing Plans for further information. Effective September 30, 2021, the ESOP terminated, and all participant balances became immediately vested. See Note 25. Subsequent Events for further information.

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 non-vested (restricted) shares and performance share units granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date, adjusted for dividends where applicable. The Company has elected to record forfeitures as they occur. See Note 16. Stock Compensation for further information.
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 noninterest income or noninterest expense. The effect on deferred tax assets and liabilities from a change in tax rates is recorded in income tax expense in the Consolidated Statements of Operations in the period in which the enactment date occurs. If current period income tax rates change, the impact on the annual effective income tax rate is applied year to date in the period of enactment. See Note 17. Income Taxes for further information.

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. The reserve for these unfunded commitments is included within Other Liabilities on the Consolidated Statements of Financial Condition.

REVENUE RECOGNITION
Interest revenue from loans, leases, and investments is recognized on the accrual basis of accounting as the interest is earned according to the terms of the particular loan, lease, or investment. Income from service and other customer charges is recognized as earned. Revenue within the Consumer segment is recognized as services are performed and service charges are earned in accordance with the terms of the various programs. Refer to Note 20. Revenue from Contracts with Customers for additional information.

COMPREHENSIVE INCOME (LOSS)
Comprehensive income (loss) consists of net income and other comprehensive income or loss. Other comprehensive income or loss includes the change in net unrealized holding gains and losses due to market conditions and other non-credit risk factors on AFS debt securities, net of reclassification adjustments and tax effects. Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity.
 
RELATED PARTY TRANSACTIONS
The Company has disclosed information on its equity investments and relationships with variable interest entities in Note 1. Summary of Significant Accounting Policies.

At September 30, 2021 and 2020, the Company had no loans outstanding with individuals deemed under Regulation O to be directors, executive officers and/or employees of the Company.

RECLASSIFICATION AND REVISION OF PRIOR PERIOD BALANCES
Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. These changes and reclassifications did not impact previously reported net income or comprehensive income.
RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU")
The following ASUs were adopted by the Company during the fiscal year ended September 30, 2021:

ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related ASUs, (collectively “Topic 326”), which changes the impairment model for most financial assets, including trade and other receivables, debt securities held to maturity, loans, net investments in leases, purchased financial assets with credit deterioration, and off-balance sheet credit exposures. ASU 2016-13 requires the use of a current expected credit loss (“CECL”) methodology to determine the allowance for credit losses for loans and debt securities held to maturity. CECL requires loss estimates for the remaining estimated life of the assets to be measured using historical loss data, adjustments for current conditions, and adjustments for reasonable and supportable forecasts of future economic conditions. The Company adopted CECL using the modified retrospective approach with a cumulative effect adjustment to Retained Earnings recorded on October 1, 2020.

Our adoption resulted in an ACL as of October 1, 2020 that is larger than the allowance for loan and lease losses (“ALLL”) that would have been recorded under legacy guidance on the same date by $12.8 million in total for all portfolios. A portion of this increase is a result of new requirements to record ACL on acquired loans and leases, regardless of any credit mark recorded. Under legacy guidance, credit marks were included in the determination of fair value adjustments reflected as a discount to the carrying value of the loans and leases and an ALLL was not recorded on acquired loans and leases until evidence of credit deterioration existed post acquisition. The remaining credit and interest mark will continue to accrete over the life of the loan or lease but will no longer be considered when estimating the ACL for acquired loans and leases under CECL. The adoption of CECL also resulted in an increase in the liability of unfunded commitments of $0.8 million. For other assets in scope of the standard such as held to maturity debt securities and trade and other receivables, the impact from this ASU was inconsequential. The cumulative tax effected adjustment to record ACL and to increase the unfunded commitments liability resulted in a reduction to retained earnings of $8.4 million along with $2.5 million attributable to noncontrolling interests. Post adoption, as loans and leases are added to the portfolio, the Company expects higher levels of ACL determined by CECL assumptions, resulting in accelerated recognition of provision for credit losses, as compared to historical results. In response to the COVID-19 pandemic, regulatory agencies have published a final rule that provides the option to delay the cumulative effect of the day 1 impact to CECL adoption on regulatory capital for two years, followed by a three-year phase in period. Management has elected this five-year transition period consistent with such final rule. Additional and modified disclosure requirements under CECL are included in Note 4. Securities and Note 5. Loans and Leases, Net.

The Company also adopted the following ASUs effective October 1, 2020, none of which had a material impact on the Company’s Consolidated Financial Statements:

–ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.
–ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.
–ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities.

ASUs to be Adopted

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU are intended to simplify the accounting for income taxes by removing certain exceptions to the general rules found in Topic 740, Income Taxes. The majority of the amendments are to be applied on a prospective basis. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this guidance on the consolidated financial statements.

ASU 2020-01, Investments-Equity Securities (Topic 321): Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying Interactions between Topics 321, 323 and 815. This ASU clarifies the interactions between Topic 321, Topic 323 and Topic 815, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Management is currently evaluating the impact of this guidance on the consolidated financial statements.
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional expedients and exceptions to applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform if certain criteria are met. The amendments include a one-time sale or transfer election of held to maturity debt securities impacted by reference rate reform. The amendments in this ASU are effective upon issuance through December 31, 2022. The Company is currently evaluating the impact of this guidance on the consolidated financial statements.

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. This ASU clarifies that an entity should amortize any premium, if applicable, to the next call date, which is the first date when a call option at a specified price becomes exercisable. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

ASU 2020-10, Codification Improvements. This ASU provides clarification, corrects unintended application of guidance, and makes minor improvements to various Topics that are not expected to have a significant impact on the Company’s current accounting policies and practices. Amendments within this ASU are effective for fiscal years beginning after December 15, 2020.
ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942), and Financial Services – Investment Companies (Topic 946) – Amendments to SEC Paragraphs, Amendments to Financial Disclosures, and Update of Statistical Disclosures. This ASU amends and adds various SEC paragraphs pursuant to final SEC rules released 33-10786 and 33-10835. Amendments within this ASU are effect for fiscal years ending after December 15, 2021 and are not expected to have a significant impact on the Company’s financial statement disclosures.
v3.21.2
SIGNIFICANT EVENTS
 12 Months Ended
Sep. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]  
SIGNIFICANT EVENTS SIGNIFICANT EVENTS
COVID-19 Pandemic

The COVID-19 pandemic began impacting the U.S. and global economies in the first calendar quarter of 2020, with significant deterioration of macroeconomic conditions and markets into 2021. In response to the impacts of COVID-19, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") on March 27, 2020. In addition to the CARES Act, the U.S. federal government enacted the Consolidated Appropriations Act 2021 ("CAA") on December 27, 2020 and the American Rescue Plan Act of 2021 ("ARP Act") on March 11, 2021, which provide additional COVID-19 relief to American families and businesses.

The Company is participating in the Paycheck Protection Program ("PPP"), which is being administered by the Small Business Administration ("SBA"). It is the Company's understanding that loans funded through the PPP program are fully guaranteed by the U.S. government and that a portion of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. See Note 5. Loans and Leases, Net for further information related to this program.

In response to the COVID-19 pandemic impact on customers, the Company engaged and continues to engage in more frequent communication with borrowers to better understand their situation and challenges and offered credit-worthy borrowers experiencing temporary hardship certain loan and lease modifications ("COVID modifications"), such as payment deferrals, as a result of interagency guidance issued on March 22, 2020 encouraging companies to work with customers impacted by COVID-19. The Company elected to treat COVID modifications on leases as part of the enforceable rights and obligations of the parties under the existing lease contract, resulting in these payment deferrals being treated as variable lease payments under the existing lease versus lease modifications. Additionally, for COVID modifications on loans, the Company adjusted its effective interest rate to reflect the payment deferral modification and continued accruing interest during this period. Short-term modifications made on a good faith basis in response to COVID-19 borrowers whose payments were current prior to any relief, are not to be considered troubled debt restructurings, and will not be considered delinquent so long as they meet their revised obligations under the modification agreement.
The table below presents the outstanding balances of active COVID-19 related modifications.
As of the Period Ended
(Dollars in Thousands)September 30, 2021June 30, 2021March 31, 2021September 30, 2020
Term lending$1,619 $2,955 $5,460 $26,559 
Asset based lending— — — 7,924 
Factoring— — — 18,434 
Lease financing64 275 379 5,896 
Insurance premium finance— — — 230 
SBA/USDA— — — 7,724 
Other commercial finance— — — 69 
Commercial finance1,683 3,230 5,839 66,836 
Consumer credit products133 19 301 1,574 
Other consumer finance980 1,609 1,627 4,223 
Consumer finance1,113 1,628 1,928 5,797 
Community banking36,296 36,632 58,707 120,695 
Total loans and leases39,092 41,490 66,474 193,328 
Total COVID-19 related modifications$39,092 $41,490 $66,474 $193,328 
v3.21.2
DIVESTITURES
 12 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DIVESTITURES DIVESTITURES
During the fiscal year ended September 30, 2020, the Company sold the Bank's Community Bank division, a component of the Company's Corporate segment, to Central Bank, a state-chartered bank headquartered in Storm Lake, Iowa. The sale included $290.5 million of deposits; $268.6 million of loans; $4.9 million of premises, furniture, and equipment; and $1.3 million of other assets and closed February 29, 2020 (the "Closing Date"). The sale resulted in a gain of $19.3 million before tax that was recognized within noninterest income on the Company's Consolidated Statements of Operations.
The Company entered a servicing agreement with Central Bank for the retained Community Bank loan portfolio that became effective on the Closing Date. The Company recognized $3.3 million and $3.5 million for the fiscal years ended September 30, 2021 and 2020, respectively.

Since the Closing Date, the Company has entered into subsequent loan portfolio sale agreements with Central Bank. The Company sold additional loans from the retained Community Bank portfolio in the amount of $308.1 million and $135.0 million for the fiscal years ended September 30, 2021 and 2020, respectively.

As of September 30, 2021, the Company had no community bank loans classified as held for sale. See Note 5. Loans and Leases, Net and Note 25. Subsequent Events for additional information.
v3.21.2
SECURITIES
 12 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
 
The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale ("AFS") and held to maturity ("HTM") debt securities are presented below.
Debt Securities AFS
(Dollars in Thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At September 30, 2021
Corporate securities$25,000 $— $— $25,000 
SBA securities151,958 5,251 — 157,209 
Obligations of states and political subdivisions2,497 10 — 2,507 
Non-bank qualified obligations of states and political subdivisions266,048 3,347 (1,100)268,295 
Asset-backed securities393,103 3,003 (1,247)394,859 
Mortgage-backed securities1,016,478 9,728 (9,177)1,017,029 
Total debt securities AFS$1,855,084 $21,339 $(11,524)$1,864,899 
At September 30, 2020
SBA securities$159,722 $5,391 $(158)$164,955 
Obligations of states and political subdivisions825 16 — 841 
Non-bank qualified obligations of states and political subdivisions314,819 8,978 (23)323,774 
Asset-backed securities329,139 2,015 (6,229)324,925 
Mortgage-backed securities439,879 14,567 (839)453,607 
Total debt securities AFS$1,244,384 $30,967 $(7,249)$1,268,102 

Debt Securities HTM
(Dollars in Thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$52,944 $103 $(471)$52,576 
Mortgage-backed securities3,725 90 — 3,815 
Total debt securities HTM$56,669 $193 $(471)$56,391 
At September 30, 2020
Non-bank qualified obligations of states and political subdivisions$87,183 $1,040 $(29)$88,194 
Mortgage-backed securities5,427 124 — 5,551 
Total debt securities HTM$92,610 $1,164 $(29)$93,745 
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, were as follows:

LESS THAN 12 MONTHSOVER 12 MONTHSTOTAL
(Dollars in Thousands)Fair
Value		Gross Unrealized (Losses)Fair
Value		Gross Unrealized (Losses)Fair
Value		Gross Unrealized (Losses)
Debt Securities AFS
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$101,046 $(1,100)$— $— $101,046 $(1,100)
Asset-backed securities127,110 (283)91,553 (964)218,663 (1,247)
Mortgage-backed securities759,035 (7,418)60,792 (1,759)819,827 (9,177)
Total debt securities AFS$987,191 $(8,801)$152,345 $(2,723)$1,139,536 $(11,524)
At September 30, 2020
SBA securities$32,257 $(102)$9,875 $(56)$42,132 $(158)
Non-bank qualified obligations of states and political subdivisions6,265 (6)3,103 (17)9,368 (23)
Asset-backed securities106,474 (1,089)178,686 (5,140)285,160 (6,229)
Mortgage-backed securities138,338 (839)— — 138,338 (839)
Total debt securities AFS$283,334 $(2,036)$191,664 $(5,213)$474,998 $(7,249)
Debt Securities HTM
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$26,096 $(471)$— $— $26,096 $(471)
Total debt securities HTM$26,096 $(471)$— $— $26,096 $(471)
At September 30, 2020
Non-bank qualified obligations of states and political subdivisions$7,397 $(9)$3,637 $(20)$11,034 $(29)
Total debt securities HTM$7,397 $(9)$3,637 $(20)$11,034 $(29)

The adoption of CECL was inconsequential to debt securities AFS. At September 30, 2021, there were 67 securities AFS in an unrealized loss position. Management assessed each investment security with unrealized losses for credit loss and determined substantially all unrealized losses on these securities were due to credit spreads and interest rates versus credit loss. As part of that assessment, management evaluated and concluded that it is more-likely-than-not that the Company will not be required and does not intend to sell any of the securities prior to recovery of the amortized cost. At September 30, 2021, there was no ACL for debt securities AFS.

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 MBS because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, MBS are not included in the maturity categories in the following maturity summary. The expected maturities of certain SBA securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.
At September 30,
(Dollars in Thousands)20212020
Securities AFS at Fair ValueAmortized CostFair
Value		Amortized CostFair
Value
Due in one year or less$810 $822 $1,385 $1,398 
Due after one year through five years13,026 13,378 20,805 21,769 
Due after five years through ten years50,785 52,357 32,441 34,025 
Due after ten years773,985 781,313 749,874 757,303 
838,606 847,870 804,505 814,495 
Mortgage-backed securities1,016,478 1,017,029 439,879 453,607 
Total securities AFS, at fair value$1,855,084 $1,864,899 $1,244,384 $1,268,102 

At September 30,
(Dollars in Thousands)20212020
Securities HTM at Fair ValueAmortized CostFair
Value		Amortized CostFair
Value
Due after ten years$52,944 $52,576 $87,183 $88,194 
52,944 52,576 87,183 88,194 
Mortgage-backed securities3,725 3,815 5,427 5,551 
Total securities HTM, at cost$56,669 $56,391 $92,610 $93,745 

Activity related to the sale of securities available for sale is summarized below.
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Available For Sale
   Proceeds from sales$50,468 $4,904 $755,616 
   Gross gains on sales179 51 6,006 
   Gross losses on sales173 — 5,277 
 Net gain (loss) on securities AFS$6 $51 $729 

There was no activity related to the sale of securities held to maturity during the fiscal years ended September 30, 2021, 2020, and 2019.

No securities were pledged as collateral for public funds on deposit at September 30, 2021 and 2020. No securities were pledged as collateral for individual, trust and estate deposits at September 30, 2021 and 2020.

Equity Securities
The Company held $12.7 million and $3.0 million in marketable equity securities at September 30, 2021 and 2020, respectively. The addition of marketable equity securities was a result of an investee becoming publicly traded in fiscal year ended September 30, 2021. Upon becoming publicly traded, the Company recognized a fair value adjustment of $7.5 million to reflect the increase in value since the Company's initial investment in May 2018. Subsequent fair value adjustments for this investee during fiscal year 2021 totaled $3.4 million in unrealized losses, or a net position of $4.1 million unrealized gain as of September 30, 2021. All other marketable equity securities and related activity were insignificant for the fiscal years ended September 30, 2021 and 2020, respectively. No marketable equity securities were sold during fiscal year 2021.

Non-marketable equity securities with a readily determinable fair value totaled $4.6 million and $2.8 million as of September 30, 2021 and 2020, respectively. The Company’s recognized $0.6 million and zero in unrealized gains during the fiscal years ended September 30, 2021 and 2020, respectively. No such securities were sold during fiscal year 2021.
Non-marketable equity securities without readily determinable fair value totaled $16.0 million and $23.0 million at September 30, 2021 and 2020, respectively.

FRB Stock
The Bank is required by federal law to subscribe to capital stock (divided into shares of $100 each) as a member of the FRB of Minneapolis with an amount equal to six per centum of the paid-up capital stock and surplus. One-half of the subscription is paid at time of application, and one-half is subject to call of the Board of Governors of the Federal Reserve System. FRB of Minneapolis stock held by the Bank totaled $19.7 million at September 30, 2021 and 2020. These equity securities are 'restricted' in that they can only be owned by member banks. At fiscal year-end 2021 and 2020, the Company pledged securities with fair values of approximately $236.1 million and $359.7 million against FRB advances, respectively.

Included in interest and dividend income from other investments is $1.5 million and $0.3 million related to dividend income on FRB stock for the fiscal years ended September 30, 2021 and 2020, respectively.

FHLB Stock
The Company’s borrowings from the FHLB are secured by a blanket collateral agreement with respect to a percentage of unencumbered loans and the pledge of specific investment securities. Such advances can be made pursuant to several different credit programs, each of which has its own interest rate and range of maturities.

The investments in the FHLB stock are required investments related to the Company’s membership in and current borrowings from the FHLB of Des Moines. The investments in the FHLB of Des Moines could be adversely impacted by the financial operations of the FHLB and actions of their regulator, the Federal Housing Finance Agency.

The FHLB stock is carried at cost since it is generally redeemable at par value. The carrying value of the stock held at the FHLB was $8.7 million and $7.5 million at September 30, 2021 and 2020, respectively. At fiscal year-end 2021 and 2020, the Company pledged securities with fair values of approximately $644.7 million and $673.8 million, respectively, to be used against FHLB advances. In addition, a combination of qualifying residential and other real estate loans of zero and approximately $333.8 million were pledged as collateral at September 30, 2021 and 2020, respectively.

Included in interest and dividend income from other investments is $0.2 million, $0.8 million and $1.0 million related to dividend income on FHLB stock for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.

These equity securities are ‘restricted’ in that they can only be sold back to the respective institution from which they were acquired or another member institution at par. Therefore, FRB and FHLB stocks are less liquid than other marketable equity securities, and the fair value approximates cost.

Equity Security Impairment
The Company evaluates impairment for investments held at cost on at least an annual basis based on the ultimate recoverability of the par value. All other equity investments, including those under the equity method, are reviewed for other-than-temporary impairment on at least a quarterly basis. The Company recognized $2.6 million and $1.3 million in impairment for such investments for the fiscal years ended September 30, 2021 and 2020, respectively, and zero for the fiscal year ended September 30, 2019.
v3.21.2
LOANS AND LEASES, NET
 12 Months Ended
Sep. 30, 2021
Loans and Leases Receivable Disclosure [Abstract]  
LOANS AND LEASES, NET LOANS AND LEASES, NET
Loans and leases consist of the following:
At September 30,
(Dollars in Thousands)20212020
Term lending$961,019 $805,323 
Asset based lending300,225 182,419 
Factoring363,670 281,173 
Lease financing266,050 281,084 
Insurance premium finance428,867 337,940 
SBA/USDA247,756 318,387 
Other commercial finance157,908 101,658 
Commercial finance2,725,495 2,307,984 
Consumer credit products129,251 89,809 
Other consumer finance123,606 134,342 
Consumer finance252,857 224,151 
Tax services10,405 3,066 
Warehouse finance419,926 293,375 
Community banking199,132 485,564 
Total loans and leases3,607,815 3,314,140 
Net deferred loan origination costs1,748 8,625 
Total gross loans and leases3,609,563 3,322,765 
Allowance for credit losses(68,281)(56,188)
Total loans and leases, net$3,541,282 $3,266,577 

During the fiscal years ended September 30, 2021 and 2020, the Company transferred $188.6 million and $542.1 million, respectively, of community banking loans to held for sale.

During the fiscal year ended September 30, 2021, the Company originated $601.5 million of other consumer finance, SBA/USDA, and consumer credit product loans as held for sale. During the fiscal year ended September 30, 2020, the Company originated $98.8 million of SBA/USDA and consumer credit product loans as held for sale.

The Company sold held for sale loans resulting in proceeds of $890.3 million and gains on sale of $8.6 million during the fiscal year ended September 30, 2021. The Company sold held for sale loans resulting in proceeds of $590.8 million and gains on sale of $7.7 million during the fiscal year ended September 30, 2020.
Loans purchased and sold by portfolio segment, including participation interests, were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Loans Purchased
Loans held for investment:
Commercial Finance— 2,400 
Warehouse Finance308,014 130,130 
Community banking3,318 18,905 
Total purchases311,332 151,435 
Loans Sold
Loans held for sale:
Commercial Finance89,276 60,114 
Consumer Finance494,585 123,394 
Community banking308,082 407,296 
Loans held for investment:
Community banking13,850 9,991 
Total sales905,793 600,795 

Leasing Portfolio. The net investment in direct financing and sales-type leases was comprised of the following:
At September 30,
(Dollars in Thousands)20212020
Carrying amount$278,341 $299,487 
Unguaranteed residual assets14,393 17,203 
Unamortized initial direct costs490 2,078 
Unearned income(26,684)(35,606)
Total net investment in direct financing and sales-type leases$266,540 $283,162 

The carrying amount of direct financing and sales-type leases subject to residual value guarantees was $4.2 million at September 30, 2021.

The components of total lease income were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Interest income - loans and leases
Interest income on net investments in direct financing and sales-type leases$22,876 $18,300 
Leasing and equipment finance noninterest income
Lease income from operating lease payments39,553 44,319 
Profit (loss) recorded on commencement date on sales-type leases337 2,152 
Other(1)
4,986 4,357 
Total leasing and equipment finance noninterest income44,876 50,828 
Total lease income$67,752 $69,128 
(1) Other leasing and equipment finance noninterest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases.
Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$109,680 
202383,438 
202451,901 
202524,838 
20265,941 
Thereafter2,543 
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases278,341 
Total carrying amount of direct financing and sales-type leases$278,341 

The Company did not record any contingent rental income from sales-type and direct financing leases in the fiscal year ended September 30, 2021.

The COVID-19 pandemic began impacting the U.S. and global economies in the first calendar quarter of 2020, with significant deterioration of macroeconomic conditions and markets into 2021. Although macroeconomic conditions and markets have improved since the beginning of 2021, the ultimate impact of this pandemic on the Company's loan and lease portfolio is difficult to predict. Management continues to evaluate the loan and lease portfolio in order to assess the impact on repayment sources and underlying collateral that could result in additional losses and the impact to our customers and businesses as a result of COVID-19 and will refine our estimate as more information becomes available.

Effective October 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs on a modified retrospective basis. Financial information at and for the quarter ended September 30, 2021 is reflected as such. The historical information disclosed is in accordance with ASC Topic 310, Receivables.

Activity in the allowance for credit losses was as follows: 
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Beginning balance$56,188 $29,149 $13,040 
Impact of CECL adoption12,773 — — 
Provision for credit losses49,939 64,776 55,650 
Charge-offs(57,273)(41,761)(42,854)
Recoveries6,654 4,024 3,313 
Ending balance$68,281 $56,188 $29,149 
Activity in the allowance for credit losses and balances of loans and leases by portfolio segment was as follows:
At September 30, 2021
(Dollars in Thousands)Beginning BalanceImpact of CECL Adoption
Provision (Recovery) for Credit Losses(2)
Charge-offsRecoveriesEnding Balance
Allowance for credits losses:
Term lending$15,211 $9,999 $16,944 $(14,090)$1,287 $29,351 
Asset based lending1,406 164 933 (1,200)423 1,726 
Factoring3,027 987 (1,192)— 1,175 3,997 
Lease financing7,023 (556)3,758 (2,969)373 7,629 
Insurance premium finance2,129 (965)(555)(1,192)1,977 1,394 
SBA/USDA940 2,720 (703)— 21 2,978 
Other commercial finance182 364 622 — — 1,168 
Commercial finance29,918 12,713 19,807 (19,451)5,256 48,243 
Consumer credit products845 — 397 — — 1,242 
Other consumer finance2,821 5,998 297 (3,324)320 6,112 
Consumer finance3,666 5,998 694 (3,324)320 7,354 
Tax services2 — 33,276 (34,354)1,078 2 
Warehouse finance294 (1)127 — — 420 
Community banking22,308 (5,937)(3,965)(144)— 12,262 
Total loans and leases56,188 12,773 49,939 (57,273)6,654 68,281 
Unfunded commitments(1)
32 831 (173)— — 690 
Total $56,220 $13,604 $49,766 $(57,273)$6,654 $68,971 
(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.
(2) As a result of the adoption of CECL, effective October 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.

Activity in the allowance for loan and lease losses and balances of loans and leases by portfolio segment was as follows:
At September 30, 2020
(Dollars in Thousands)Beginning BalanceProvision (Recovery) for Loan and Lease LossesCharge-offsRecoveriesEnding Balance
Allowance for loan and lease losses:
Term lending$5,533 $19,796 $(10,458)$340 $15,211 
Asset based lending2,437 (1,036)(42)47 1,406 
Factoring3,261 (245)(915)926 3,027 
Lease financing1,275 6,105 (728)371 7,023 
Insurance premium finance1,024 2,489 (2,004)620 2,129 
SBA/USDA383 2,688 (2,131)— 940 
Other commercial finance683 (501)— — 182 
Commercial finance14,596 29,296 (16,278)2,304 29,918 
Consumer credit products1,044 (199)— — 845 
Other consumer finance5,118 (538)(2,649)890 2,821 
Consumer finance6,162 (737)(2,649)890 3,666 
Tax services— 22,006 (22,834)830 2 
Warehouse finance263 31 — — 294 
Community banking8,128 14,180 — — 22,308 
Total loans and leases$29,149 $64,776 $(41,761)$4,024 $56,188 
The following table provides additional disclosures previously required by ASC Topic 310 related to the Company's September 30, 2020 balances.
AllowanceLoans and Leases
(Dollars in Thousands)Ending Balance: Individually Evaluated for ImpairmentEnding Balance: Collectively Evaluated for ImpairmentTotalEnding Balance: Individually Evaluated for ImpairmentEnding Balance: Collectively Evaluated for ImpairmentTotal
Recorded investment:
Term lending$3,155 $12,056 $15,211 $26,085 $779,238 $805,323 
Asset based lending355 1,051 1,406 5,317 177,102 182,419 
Factoring274 2,753 3,027 5,071 276,102 281,173 
Lease financing1,194 5,829 7,023 4,697 276,387 281,084 
Insurance premium finance— 2,129 2,129 — 337,940 337,940 
SBA/USDA— 940 940 1,436 316,951 318,387 
Other commercial finance— 182 182 — 101,658 101,658 
Commercial finance4,978 24,940 29,918 42,606 2,265,378 2,307,984 
Consumer credit products— 845 845 — 89,809 89,809 
Other consumer finance— 2,821 2,821 1,987 132,355 134,342 
Consumer finance— 3,666 3,666 1,987 222,164 224,151 
Tax services— 2 2 — 3,066 3,066 
Warehouse finance— 294 294 — 293,375 293,375 
Community banking141 22,167 22,308 6,685 478,879 485,564 
Total$5,119 $51,069 $56,188 $51,278 $3,262,862 $3,314,140 

Information on loans and leases that are deemed to be collateral dependent and are evaluated individually for the ACL was as follows:

(Dollars in Thousands)At September 30, 2021
Term lending$20,965 
Factoring1,268 
Lease financing3,882 
Commercial finance26,115 
Community banking14,915 
Total$41,030 

In response to the ongoing COVID-19 pandemic, the Company allowed modifications, such as payment deferrals and temporary forbearance, to credit-worthy borrowers who are experiencing temporary hardship due to the effects of COVID-19. Accordingly, if all payments were less than 30 days past due prior to the onset of the pandemic effects, the loan or lease will not be reported as past due during the deferral or forbearance period. As of September 30, 2021, $39.1 million of loan and lease that were granted deferral payments by the Company were still in their deferment period compared to $193.3 million as of September 30, 2020. These modifications consisted solely of payment deferrals ranging from 30 days to six months. These modifications are in line with applicable regulatory guidelines and, therefore, they are not reported as troubled debt restructurings. Other than the loan modifications that are on nonaccrual status, the Company is accruing and recognizing interest income on these modifications during the payment deferral period.
Federal regulations provide for the classification of loans and other assets such as debt and equity securities considered by the Bank's primary regulator, 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 - A special mention asset is 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.

Meta has revised its credit administration policies and reviewed its loan portfolio to better align with OCC guidance for national banks, a process that began during the quarter ending June 30, 2021 and was completed as of September 30, 2021. These credit policy revisions had an impact on our loan and lease risk ratings, resulting in downgrades of certain credits in several categories.
 
Loans and leases, or portions thereof, are charged off when collection of principal becomes doubtful. Generally, this is associated with a delay or shortfall in payments of 210 days or more for commercial insurance premium finance, 180 days or more for the purchased student loan portfolios, 120 days or more for consumer credit products and leases, and 90 days or more for community banking loans and commercial finance loans. Action is taken to charge off ERO loans if such loans have not been collected by the end of June and taxpayer advance loans if such loans have not been collected by the end of the calendar year. Non-accrual loans and troubled debt restructurings are generally individually evaluated for expected credit losses.

The Company recognizes that concentrations of credit may naturally occur and may take the form of a large volume of related loans and leases to an individual, a specific industry, or a geographic location. Credit concentration is a direct, indirect, or contingent obligation that has a common bond where the aggregate exposure equals or exceeds a certain percentage of the Company’s Tier 1 Capital plus the allowable Allowance for Credit Losses.
The Company has various portfolios of consumer finance and tax services loans that present unique risks that are statistically managed. Due to the unique risks associated with these portfolios, the Company monitors other credit quality indicators in their evaluation of the appropriateness of the allowance for credit losses on these portfolios, and as such, these loans are not included in the asset classification table below, beginning in the fiscal 2020 first quarter. The outstanding balances of consumer finance loans and tax services loans were $252.9 million and $10.4 million at September 30, 2021, respectively, and $224.2 million and $3.1 million at September 30, 2020, respectively. The amortized cost basis of loans and leases by asset classification and year of origination as of September 30, 2021 was as follows:
Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotal
(Dollars in Thousands)20212020201920182017Prior
Term lending
Pass$362,443 $192,305 $63,708 $34,381 $3,195 $1,236 $— $657,268 
Watch63,046 71,701 32,941 21,419 76 3,628 — 192,811 
Special Mention6,422 26,673 4,821 932 70 633 — 39,551 
Substandard18,569 16,810 26,920 3,529 928 641 — 67,397 
Doubtful252 1,673 1,756 311 — — — 3,992 
Total450,732 309,162 130,146 60,572 4,269 6,138 — 961,019 
Asset based lending
Pass— — — — — — 185,432 185,432 
Watch— — — — — — 52,072 52,072 
Special Mention— — — — — — 43,135 43,135 
Substandard— — — — — — 19,586 19,586 
Doubtful— — — — — — — — 
Total— — — — — — 300,225 300,225 
Factoring
Pass— — — — — — 294,124 294,124 
Watch— — — — — — 17,984 17,984 
Special Mention— — — — — — 33,035 33,035 
Substandard— — — — — — 18,527 18,527 
Total— — — — — — 363,670 363,670 
Lease financing
Pass54,434 73,629 17,153 7,511 1,857 203 — 154,787 
Watch22,061 20,455 9,274 2,739 1,454 — — 55,983 
Special Mention15,402 20,595 4,148 1,546 61 — — 41,752 
Substandard479 4,765 4,981 831 25 — — 11,081 
Doubtful— 6 2,402 38 — 2,447 
Total92,376 119,450 37,958 12,665 3,398 203 — 266,050 
Insurance premium finance
Pass428,131 144 9 — — — — 428,284 
Watch262 5 — — — — — 267 
Special Mention58 5 — — — — — 63 
Substandard68 107 — — — — — 175 
Doubtful58 20 — — — — — 78 
Total428,577 281 9 — — — — 428,867 
SBA/USDA
Pass110,122 37,006 14,461 12,760 6,525 3,779 — 184,653 
Watch— 20,431 1,996 1,670 1,394 298 — 25,789 
Special Mention— 8,333 214 3,348 177 919 — 12,991 
Substandard— 3,812 9,550 8,079 2,169 713 — 24,323 
Total110,122 69,582 26,221 25,857 10,265 5,709 — 247,756 
Other commercial finance
Pass56,957 642 5,786 6,075 3,345 60,965 — 133,770 
Watch— 17,404 3,409 451 — — — 21,264 
Substandard466 — — 273 837 1,299 — 2,875 
Total57,423 18,046 9,195 6,799 4,182 62,264 — 157,909 
Warehouse finance
Pass— — — — — — 419,926 419,926 
Total— — — — — — 419,926 419,926 
Community banking
Pass— — 4,159 — 5,683 472 — 10,314 
Watch— 10,134 — 10,854 6,133 — — 27,121 
Special Mention— — 35,916 — — — — 35,916 
Substandard— 119 49,449 50,626 13,933 6,110 — 120,237 
Doubtful— 122 — 5,422 — — — 5,544 
Total— 10,375 89,524 66,902 25,749 6,582 — 199,132 
Total Loans and Leases
Pass1,012,088 303,727 105,274 60,727 20,605 66,655 899,481 2,468,557 
Watch85,369 140,131 47,620 37,132 9,057 3,926 70,056 393,291 
Special Mention21,882 55,606 45,099 5,826 307 1,552 76,171 206,443 
Substandard19,584 25,613 90,900 63,338 17,891 8,762 38,113 264,201 
Doubtful310 1,822 4,158 5,770 1 — — 12,061 
Total$1,139,233 $526,899 $293,051 $172,793 $47,861 $80,895 $1,083,821 $3,344,553 

The recorded investment of loans and leases by asset classification was as follows:

(Dollars in Thousands)At September 30, 2020
Asset ClassificationPassWatchSpecial MentionSubstandardDoubtfulTotal
Term lending$725,101 $29,637 $24,501 $21,249 $4,835 $805,323 
Asset based lending102,013 62,512 12,577 5,317 — 182,419 
Factoring217,245 45,200 13,657 5,071 — 281,173 
Lease financing264,700 8,879 2,808 4,148 549 281,084 
Insurance premium finance336,364 284 222 701 369 337,940 
SBA/USDA308,549 8,328 74 1,436 — 318,387 
Other commercial finance100,727 931 — — — 101,658 
Commercial finance2,054,699 155,771 53,839 37,922 5,753 2,307,984 
Warehouse finance293,375 — — — — 293,375 
Community banking353,410 98,336 9,588 23,650 580 485,564 
Total loans and leases$2,701,484 $254,107 $63,427 $61,572 $6,333 $3,086,923 
Past due loans and leases were as follows:
At September 30, 2021
Accruing and Nonaccruing Loans and LeasesNonperforming Loans and Leases
(Dollars in Thousands)30-59 Days Past Due60-89 Days Past Due> 89 Days Past DueTotal Past DueCurrentTotal Loans and Leases Receivable> 89 Days Past Due and AccruingNonaccrual BalanceTotal
Loans held for sale$— $— $— $— $56,194 $56,194 $— $— $— 
Term lending11,879 2,703 5,452 20,034 940,985 961,019 2,558 14,904 17,462 
Asset based lending— — — — 300,225 300,225 — — — 
Factoring— — — — 363,670 363,670 — 1,268 1,268 
Lease financing4,909 3,336 8,401 16,646 249,404 266,050 8,345 3,158 11,503 
Insurance premium finance1,415 375 599 2,389 426,478 428,867 599 — 599 
SBA/USDA66 974 987 2,027 245,729 247,756 987 — 987 
Other commercial finance— — — — 157,908 157,908 — — — 
Commercial finance18,269 7,388 15,439 41,096 2,684,399 2,725,495 12,489 19,330 31,819 
Consumer credit products713 527 511 1,751 127,500 129,251 511 — 511 
Other consumer finance963 285 725 1,973 121,633 123,606 725 — 725 
Consumer finance1,676 812 1,236 3,724 249,133 252,857 1,236 — 1,236 
Tax services— — 7,962 7,962 2,443 10,405 7,962 — 7,962 
Warehouse finance— — — — 419,926 419,926 — — — 
Community banking— — — — 199,132 199,132 — 14,915 14,915 
Total loans and leases held for investment19,945 8,200 24,637 52,782 3,555,033 3,607,815 21,687 34,245 55,932 
Total loans and leases$19,945 $8,200 $24,637 $52,782 $3,611,227 $3,664,009 $21,687 $34,245 $55,932 

At September 30, 2020
Accruing and Nonaccruing Loans and LeasesNonperforming Loans and Leases
(Dollars in Thousands)30-59 Days Past Due60-89 Days Past Due> 89 Days Past DueTotal Past DueCurrentTotal Loans and Leases Receivable> 89 Days Past Due and AccruingNonaccrual BalanceTotal
Loans held for sale$— $— $— $— $183,577 $183,577 $— $— $— 
Term lending11,900 3,851 6,390 22,141 783,182 805,323 266 16,274 16,540 
Asset based lending17 — — 17 182,402 182,419 — — — 
Factoring— — — — 281,173 281,173 — 1,096 1,096 
Lease financing194 9,746 6,882 16,822 264,262 281,084 4,344 3,583 7,927 
Insurance premium finance1,227 748 2,364 4,339 333,601 337,940 2,364 — 2,364 
SBA/USDA— — 1,027 1,027 317,360 318,387 427 600 1,027 
Other commercial finance— — — — 101,658 101,658 — — — 
Commercial finance13,338 14,345 16,663 44,346 2,263,638 2,307,984 7,401 21,553 28,954 
Consumer credit products377 358 499 1,233 88,576 89,809 499 — 499 
Other consumer finance600 536 373 1,509 132,833 134,342 373 — 373 
Consumer finance977 894 872 2,743 221,408 224,151 872 — 872 
Tax services— — 1,743 1,743 1,323 3,066 1,743 — 1,743 
Warehouse finance— — — — 293,375 293,375 — — — 
Community banking905 114 2,449 3,468 482,096 485,564 50 2,399 2,449 
Total loans and leases held for investment15,220 15,353 21,727 52,300 3,261,840 3,314,140 10,066 23,952 34,018 
Total loans and leases$15,220 $15,353 $21,727 $52,300 $3,445,417 $3,497,717 $10,066 $23,952 $34,018 
Nonaccrual loans and leases by year of origination at September 30, 2021 were as follows:

Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotalNonaccrual with No ACL
(Dollars in Thousands)20212020201920182017Prior
Term lending$131 $3,812 $10,072 $756 $133 $— $— $14,904 $12,103 
Factoring— — — — — — 1,268 1,268 1,268 
Lease financing30 2,471 632 25 — — 3,158 541 
Commercial finance131 3,842 12,543 1,388 158 — 1,268 19,330 13,912 
Community Banking— 242 — 14,673 — — — 14,915 — 
Total nonaccrual loans and leases$131 $4,084 $12,543 $16,061 $158 $— $1,268 $34,245 $13,912 

Loans and leases that are 90 days or more delinquent and accruing by year of origination at September 30, 2021 were as follows:
Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotal
(Dollars in Thousands)20212020201920182017Prior
Term lending$2,546 $— $12 $— $— $— $— $2,558 
Lease financing429 7,558 224 99 31 4 — 8,345 
Insurance premium finance468 131 — — — — — 599 
SBA/USDA— 987 — — — — — 987 
Commercial finance3,443 8,676 236 99 31 4 — 12,489 
Consumer credit products206 77 224 3 — — — 510 
Other consumer finance— — — — — 725 — 725 
Consumer finance206 77 224 3 — 725 — 1,235 
Tax services7,962 — — — — — — 7,962 
Total 90 days or more delinquent and accruing$11,611 $8,753 $460 $102 $31 $729 $— $21,686 

Certain loans and leases 90 days or more past due as to interest or principal continue to accrue because they are (1) well-secured and in the process of collection or (2) consumer loans exempt under regulatory rules from being classified as non-accrual until later delinquency, usually 120 days past due.

When analysis of borrower or lessee 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 scheduled payments, as described above.
Information on impaired loans and leases, all of which are deemed to be collateral dependent and are evaluated individually for the ACL was as follows:

(Dollars in Thousands)Fiscal Year Ended September 30, 2021
Term lending$20,965 
Factoring1,268 
Lease financing3,882 
Commercial finance26,115 
Other consumer finance2,294 
Consumer finance2,294 
Community banking14,915 
Total loans and leases$43,324 

The recognized interest income on the Company's nonaccrual loans and leases for the fiscal year ended September 30, 2021 was not significant.

The following table provides the average recorded investment in impaired loans and leases:

Fiscal Year Ended September 30, 2020
(Dollars in Thousands)Average
Recorded
Investment		Recognized Interest Income
Term lending$26,126 $386 
Asset based lending1,339 — 
Factoring4,075 13 
Lease financing3,370 16 
SBA/USDA3,164 — 
Commercial finance38,074 415 
Other consumer finance1,860 143 
Consumer finance1,860 143 
Community banking3,529 (37)
Total loans and leases$43,463 $521 

The Company’s troubled debt restructurings ("TDRs") typically involve forgiving a portion of interest or principal on existing loans, making loans at a rate materially less than current market rates, or extending the term of the loan. There were $5.9 million of commercial finance loans, and $0.3 million of consumer finance loans that were modified in a TDR during the fiscal year ended September 30, 2021, all of which were modified to extend the term of the loan, and no community banking loans. There were $8.7 million of commercial finance loans, and $0.8 million of consumer finance loans that were modified in a TDR during the fiscal year ended September 30, 2020 and $5.2 million community banking loans.

During the fiscal year ended September 30, 2021, the Company had $3.4 million of commercial finance loans, $0.3 million of consumer finance loans, and no community banking loans that were modified in a TDR within the previous 12 months and for which there was a payment default. During the fiscal year ended September 30, 2020, the Company had $3.3 million of commercial finance loans, $0.6 million of consumer finance loans, and $3.3 million of community banking loans that were modified in a TDR within the previous 12 months and for which there was a payment default. TDR net charge-offs and the impact of TDRs on the Company's allowance for credit losses were insignificant during the fiscal years ended September 30, 2021 and September 30, 2020.
v3.21.2
EARNINGS PER COMMON SHARE
 12 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
 
The Company has granted restricted share awards with dividend rights that are considered to be participating securities. Accordingly, a portion of the Company’s earnings is allocated to those participating securities in the earnings per share calculation under the two-class method. Basic earnings per common share is computed using the two-class method by dividing income available to common stockholders after the allocation of dividends and undistributed earnings to the participating securities by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated using the more dilutive of the treasury stock method or the two-class method. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, and is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options, performance share units, and nonvested restricted stock, where applicable. Diluted EPS under the two-class method also considers the allocation of earnings to the participating securities. Antidilutive securities are disregarded in earnings per share calculations. Diluted EPS shown below reflects the two-class method, as diluted EPS under the two-class method was more dilutive than under the treasury stock method.
 
A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share is presented below.
Fiscal Year Ended September 30,
(Dollars in Thousands, Except Per Share Data)202120202019
Basic income per common share:
Net income attributable to Meta Financial Group, Inc.$141,708 $104,720 $97,004 
Dividends and undistributed earnings allocated to participating securities(2,698)(2,414)(2,378)
Basic net earnings available to common stockholders139,010 102,306 94,626 
Undistributed earnings allocated to nonvested restricted stockholders2,575 2,249 2,187 
Reallocation of undistributed earnings to nonvested restricted stockholders(2,573)(2,249)(2,185)
Diluted net earnings available to common stockholders$139,012 $102,306 $94,628 
Total weighted-average basic common shares outstanding31,729,596 34,829,971 37,927,734 
Effect of dilutive securities(1)
Stock options— — 40,718 
Performance share units21,926 — — 
Total effect of dilutive securities21,926 — 40,718 
Total weighted-average diluted common shares outstanding31,751,522 34,829,971 37,968,452 
Net earnings per common share:
Basic earnings per common share$4.38 $2.94 $2.49 
Diluted earnings per common share(2)
$4.38 $2.94 $2.49 
(1) Represents the effect of the assumed exercise of stock options and vesting of performance share units and restricted stock, as applicable, utilizing the treasury stock method.
(2) Excluded from the computation of diluted earnings per share for the fiscal years ended September 30, 2021, 2020, and 2019, respectively, were 615,811, 821,738, and 953,185 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive.
v3.21.2
PREMISES, FURNITURE, AND EQUIPMENT, NET
 12 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
PREMISES, FURNITURE, AND EQUIPMENT, NET PREMISES, FURNITURE, AND EQUIPMENT, NET
 
Premises, furniture, and equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Land$1,354 $1,354 
Buildings21,196 20,170 
Furniture, fixtures, and equipment76,662 67,302 
99,212 88,826 
Less: accumulated depreciation and amortization(54,324)(47,218)
Net book value$44,888 $41,608 

Depreciation expense of premises, furniture and equipment included in occupancy and equipment expense was approximately $9.6 million, $9.2 million and $8.6 million for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.
RENTAL EQUIPMENT, NET
Rental equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Computers and IT networking equipment$17,683 $15,926 
Motor vehicles and other87,396 52,913 
Office furniture and equipment48,828 74,197 
Solar panels and equipment125,457 118,808 
Total279,364 261,844 
Accumulated depreciation(67,825)(57,601)
Unamortized initial direct costs1,577 1,721 
Net book value$213,116 $205,964 

Undiscounted future minimum lease payments expected to be received for operating leases at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$34,532 
202329,709 
202421,762 
202515,602 
20269,069 
Thereafter12,603 
Total undiscounted future minimum lease payments receivable for operating leases$123,277 
v3.21.2
RENTAL EQUIPMENT, NET
 12 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
RENTAL EQUIPMENT, NET PREMISES, FURNITURE, AND EQUIPMENT, NET
 
Premises, furniture, and equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Land$1,354 $1,354 
Buildings21,196 20,170 
Furniture, fixtures, and equipment76,662 67,302 
99,212 88,826 
Less: accumulated depreciation and amortization(54,324)(47,218)
Net book value$44,888 $41,608 

Depreciation expense of premises, furniture and equipment included in occupancy and equipment expense was approximately $9.6 million, $9.2 million and $8.6 million for the fiscal years ended September 30, 2021, 2020 and 2019, respectively.
RENTAL EQUIPMENT, NET
Rental equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Computers and IT networking equipment$17,683 $15,926 
Motor vehicles and other87,396 52,913 
Office furniture and equipment48,828 74,197 
Solar panels and equipment125,457 118,808 
Total279,364 261,844 
Accumulated depreciation(67,825)(57,601)
Unamortized initial direct costs1,577 1,721 
Net book value$213,116 $205,964 

Undiscounted future minimum lease payments expected to be received for operating leases at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$34,532 
202329,709 
202421,762 
202515,602 
20269,069 
Thereafter12,603 
Total undiscounted future minimum lease payments receivable for operating leases$123,277 
v3.21.2
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS
 12 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS
The following table provides an analysis of changes in foreclosed real estate and repossessed assets:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Balance, beginning of period$9,957 $29,494 
Additions1,659 9,983 
Reductions:
Write-downs591 568 
Sales8,952 23,992 
(Gain) loss on sale(4)4,960 
Total reductions9,539 29,520 
Balance, ending of period$2,077 $9,957 

At September 30, 2021 and 2020, the Company had established a valuation allowance of $1.1 million and $0.5 million for repossessed assets, respectively. As of September 30, 2021 and 2020, the Company had no loans or leases in the process of foreclosure.

During the fiscal year ended September 30, 2020, the Company sold $28.1 million of other real estate owned ("OREO"), which consisted of assets related to a Community Bank agriculture real estate customer. The sale consisted of 30-plus parcels of land and the Company recognized a $5.0 million loss that was included in the "Gain (loss) on sale of other" line on the Consolidated Statements of Operations. The Company also recognized $1.1 million in deferred rental income and $0.2 million in OREO expenses related to these foreclosed properties.
v3.21.2
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
 
The Company held a total of $309.5 million of goodwill at September 30, 2021. The recorded goodwill is a result of multiple business combinations that have been consummated since fiscal year 2015, with the most recent pursuant to the Crestmark Acquisition that closed on August 1, 2018. Goodwill is assessed for impairment at least annually or more often if conditions indicate a possible impairment. The assessment is done at a reporting unit level, which is one level below the operating segments. See Note 21. Segment Reporting for additional information on the Company's segment reporting. There have been no changes to the carrying amount of goodwill during the fiscal years ended September 30, 2021 and 2020.
The Company completed a qualitative goodwill impairment assessment as of September 30, 2021. Based on the results, it was identified that it was more likely than not the fair value of goodwill recorded exceeded the current carrying value and concluded no impairment existed as of September 30, 2021.
The changes in the carrying amount of the Company's intangible assets were as follows:
(Dollars in Thousands)
Trademark(1)
Non-Compete(2)
Customer Relationships(3)
All Others(4)
Total
Intangible Assets
At September 30, 2020$10,901 $422 $24,333 $6,036 $41,692 
Acquisitions during the period— — — 24 24 
Amortization during the period(1,078)(382)(6,465)(620)(8,545)
Write-offs during the period— — — (23)(23)
At September 30, 2021$9,823 $40 $17,868 $5,417 $33,148 
Gross carrying amount$14,624 $2,481 $82,088 $10,142 $109,335 
Accumulated amortization(4,801)(2,441)(53,972)(4,507)(65,721)
Accumulated impairment— — (10,248)(218)(10,466)
At September 30, 2021$9,823 $40 $17,868 $5,417 $33,148 
At September 30, 2019$11,959 $827 $33,207 $6,817 $52,810 
Acquisitions during the period— — — 35 35 
Amortization during the period(1,058)(405)(8,874)(660)(10,997)
Write-offs during the period— — — (156)(156)
At September 30, 2020$10,901 $422 $24,333 $6,036 $41,692 
Gross carrying amount$14,624 $2,480 $82,088 $10,113 $109,305 
Accumulated amortization(3,723)(2,058)(47,507)(3,887)(57,175)
Accumulated impairment— — (10,248)(190)(10,438)
At September 30, 2020$10,901 $422 $24,333 $6,036 $41,692 
(1) Book amortization period of 5-15 years.Amortized using the straight line and accelerated methods.
(2) Book amortization period of 3-5 years. Amortized using the straight line method.
(3) Book amortization period of 10-30 years. Amortized using the accelerated method.
(4) Book amortization period of 3-20 years. Amortized using the straight line method.

The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in the subsequent fiscal years at September 30, 2021 was as follows:
(Dollars in Thousands)
2022$6,420 
20235,102 
20244,384 
20253,826 
20263,252 
Thereafter10,164 
Total anticipated intangible amortization$33,148 

The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment. There were no impairments to intangible assets for the fiscal years ended September 30, 2021 and 2020. Intangible impairment expense is recorded within the impairment expense line of the Consolidated Statements of Operations.
v3.21.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
 12 Months Ended
Sep. 30, 2021
Leases [Abstract]  
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES
Operating lease ROU assets, included in other assets, were $34.4 million and $25.8 million at September 30, 2021 and 2020, respectively.

Operating lease liabilities, included in accrued expenses and other liabilities, were $36.5 million and $27.1 million at September 30, 2021 and 2020, respectively.

Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$4,687 
20234,180 
20244,152 
20254,027 
20263,195 
Thereafter21,732 
Total undiscounted future minimum lease payments 41,973 
Discount(5,423)
Total operating lease liabilities$36,550 

The weighted-average discount rate and remaining lease term for operating leases at September 30, 2021 were as follows:
Weighted-average discount rate2.32 %
Weighted-average remaining lease term (years)10.85

The components of total lease costs for operating leases were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Lease expense$4,310 $3,454 
Short-term and variable lease cost193 496 
ROU asset impairment224 — 
Sublease income(591)(733)
Total lease cost for operating leases$4,136 $3,217 
v3.21.2
TIME CERTIFICATES OF DEPOSIT
 12 Months Ended
Sep. 30, 2021
Deposits [Abstract]  
TIME CERTIFICATES OF DEPOSIT TIME CERTIFICATES OF DEPOSIT
 
Time certificates of deposit in denominations of $250,000 or more were approximately $24.9 million and $231.0 million at September 30, 2021, and 2020, respectively.
 
Scheduled maturities of time certificates of deposit at September 30, 2021 were as follows for the fiscal years ending:
(Dollars in Thousands)
2022$31,148 
2023907 
2024445 
2025— 
2026— 
Thereafter— 
Total(1)
$32,500 
(1) As of September 30, 2021, the Company had $23.4 million of certificates of deposit which were recorded in wholesale deposits on the Consolidated Statements of Financial Condition.

Under the Dodd-Frank Act, IRA and non-IRA deposit accounts are insured up to $250,000 by the DIF under management of the FDIC.
v3.21.2
SHORT-TERM AND LONG-TERM BORROWINGS
 12 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
SHORT-TERM AND LONG-TERM BORROWINGS SHORT-TERM AND LONG-TERM BORROWINGS
Short-Term Borrowings
The Company had no short-term borrowing at September 30, 2021 and 2020.
 
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 real estate 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 September 30, 2021 and 2020, the Bank pledged securities with fair values of approximately $644.7 million and $673.8 million, respectively, to be used against FHLB advances as needed. In addition, no qualifying real estate loans were pledged as collateral at September 30, 2021 compared to approximately $333.8 million at September 30, 2020.

The Company had no securities sold under agreements to repurchase at September 30, 2021 and 2020.

An analysis of securities sold under agreements to repurchase follows:
At September 30,
(Dollars in Thousands)20212020
Highest month-end balance$— $2,550 
Average balance— 328 
Weighted average interest rate for the fiscal year— %2.00 %
Weighted average interest rate at fiscal year end— %— %

At September 30, 2021 and 2020, the Company did not have any securities pledged as collateral for securities sold under agreements to repurchase.
Long-Term Borrowings
At September 30,
(Dollars in Thousands)20212020
Trust preferred securities13,661 13,661 
Subordinated debentures, net of issuance costs73,980 73,807 
Other long-term borrowings(1)
5,193 10,756 
Total$92,834 $98,224 
(1) Includes $5.1 million and $10.6 million of discounted leases and $0.1 million and $0.1 million of finance lease obligations at September 30, 2021 and 2020, respectively.

Management extinguished its remaining long-term FHLB advances in the fiscal 2020 fourth quarter. Prior to doing so, the advances had an outstanding balance of $110.0 million at a weighted average cost of 2.41%. The early extinguishment resulted in a pre-tax charge of $1.7 million to other expense in the fiscal 2020 fourth quarter.
Scheduled maturities of the Company's long-term borrowings at September 30, 2021 were as follows for the fiscal years ending:
(Dollars in Thousands)Trust preferred securitiesSubordinated debenturesOther long-term borrowingsTotal
2022$— $— $398 $398 
2023— — 1,924 1,924 
2024— — 2,871 2,871 
2025— — — — 
2026— 73,980 — 73,980 
Thereafter13,661 — — 13,661 
Total long-term borrowings$13,661 $73,980 $5,193 $92,834 

Certain trust preferred securities are due to First Midwest Financial Capital Trust I, a 100%-owned nonconsolidated subsidiary of the Company. The securities were issued in 2001 in conjunction with the Trust’s issuance of 10,000 shares of Trust Preferred Securities. The securities bear the same interest rate and terms as the trust preferred securities. The securities are included on the Consolidated Statements of Financial Condition 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 securities. Distributions are paid semi-annually. Cumulative cash distributions are calculated at a variable rate of LIBOR plus 3.75% (3.93% at September 30, 2021, and 4.01% at September 30, 2020), 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.

Through the Crestmark Acquisition, the Company acquired $3.4 million in floating rate capital securities due to Crestmark Capital Trust I, a 100%-owned nonconsolidated subsidiary of the Company. The subordinated debentures bear interest at LIBOR plus 3.00%, have a stated maturity of 30 years and are redeemable by the Company at par, with regulatory approval. The interest rate is reset quarterly at distribution dates in February, May, August, and November. The interest rate as of September 30, 2021 was 3.13%. The Company has the option to defer interest payments on the subordinated debentures from time to time for a period not to exceed five consecutive years.
The Company completed the public offering of $75.0 million of 5.75% fixed-to-floating rate subordinated debentures during fiscal year 2016. These notes are due August 15, 2026. The subordinated debentures were sold at par, resulting in net proceeds of approximately $73.9 million. At September 30, 2021, the Company had $74.0 million in aggregate principal amount in subordinated debentures, net of issuance costs of $1.0 million.
v3.21.2
STOCKHOLDERS' EQUITY
 12 Months Ended
Sep. 30, 2021
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Repurchase of Common Stock
The Company's Board of Directors authorized the November 20, 2019 share repurchase program to repurchase up to an additional 7,500,000 shares of the Company's outstanding common stock. This authorization is effective from November 21, 2019 through December 31, 2022. On September 7, 2021, the Company's Board of Directors announced a new share repurchase program to repurchase up to an additional 6,000,000 shares of the Company's outstanding common stock. This authorization is effective from September 3, 2021 through September 30, 2024. During the fiscal years ended September 30, 2021 and 2020, the Company repurchased 2,833,755 and 3,669,597 shares, respectively, as part of the share repurchase programs.
Under the repurchase programs, repurchased shares were retired and designated as authorized but unissued shares. The Company accounts for repurchased shares using the par value method under which the repurchase price is charged to paid-in capital up to the amount of the original proceeds of those shares. When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings. As of September 30, 2021, the remaining number of shares available for repurchase under the programs were 7,315,876 shares of common stock.
For the fiscal years ended September 30, 2021, and 2020, the Company also repurchased 101,481 and 103,830 shares, or $2.9 million and $3.2 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

Repurchase of Treasury Stock
The Company accounts for the retirement of repurchased shares, including treasury stock, using the par value method under which the repurchase price is charged to paid-in capital up to the amount of the original proceeds of those shares. When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings. The Company retired 203,224 and zero shares of common stock held in treasury during the fiscal years ended September 30, 2021 and 2020, respectively.
v3.21.2
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
 12 Months Ended
Sep. 30, 2021
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]  
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS
Until September 30, 2021, the Company maintained an Employee Stock Ownership Plan (“ESOP”) for eligible employees who have 1,000 hours of employment with the Bank, have worked at least one year at the Bank and who have attained age 21. ESOP expense of $3.1 million, $3.0 million and $2.9 million was recorded for the fiscal years ended September 30, 2021, 2020 and 2019, 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 fiscal years ended September 30, 2021, 2020 and 2019, 54,985 shares, 157,909 shares and 98,753 shares, from the suspense account, with a fair value of $52.48, $19.22 and $32.61 per share, respectively, were released. For the fiscal years ended September 30, 2021, 2020 and 2019, allocated shares and total ESOP shares reflect 22,960 shares, 59,865 shares and 79,926 shares, respectively, withdrawn from the ESOP by participants who were no longer with the Company or by participants diversifying their holdings. At September 30, 2021, 2020 and 2019, there were 4,192, 5,662 and 5,336 shares purchased, respectively, for dividend reinvestment.
ESOP shares were as follows: 
At September 30,
(Dollars in Thousands)202120202019
Allocated shares787,299 809,116 778,088 
Unearned shares— — — 
Total ESOP shares787,299 809,116 778,088 
Fair value of unearned shares$— $— $— 
The Company also has a profit sharing plan covering substantially all full-time employees. Profit sharing expense included in compensation and benefits, for the fiscal years ended September 30, 2021, 2020 and 2019 was $3.1 million, $3.1 million and $3.0 million, respectively. As of October 1, 2021, the Company modified its profit sharing plan to incorporate a Qualified Automatic Contribution Arrangement safe harbor provision, whereby employee contributions are matched at 100% of the first 6% of eligible compensation contributed.
v3.21.2
STOCK COMPENSATION
 12 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK COMPENSATION STOCK COMPENSATION
 
The Company maintains the Meta Financial Group, Inc. 2002 Omnibus Incentive Plan, as amended and restated (the "2002 Omnibus Incentive Plan"), which, among other things, provides for the awarding of stock options, nonvested (restricted) shares, and performance share units ("PSUs") 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.

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 a period of 10 years with 100% vesting generally occurring either at grant date or over a period of four years. There were no options granted during the fiscal years ended September 30, 2021, 2020 or 2019. The intrinsic value of options exercised during the fiscal years ended September 30, 2021, 2020 and 2019 were zero, $1.0 million and $1.8 million, respectively.

Shares have previously been granted each year to executives and senior leadership members under the applicable 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 fiscal years ended September 30, 2021, 2020 and 2019 was $1.0 million, $0.8 million and $1.0 million, respectively.

Under its 2002 Omnibus Incentive Plan, the Company also grants selected executives and other key employees PSU awards. The vesting of these awards is contingent on meeting company-wide performance goals, including but not limited to return on equity, earnings per share, and total shareholder return. PSUs are generally granted at the market value of the underlying share on the date of grant, adjusted for dividends, as performance share units do not participate in dividends while unearned. The awards contingently vest over a period of three years and have payout levels ranging from a threshold of 50% to a maximum of 200%. Upon vesting, each performance share unit is converted into one share of common stock.

The fair value of the PSUs is determined by the dividend-adjusted fair value on the grant date for those awards subject to a performance condition. For those PSUs subject to a market condition, a simulation valuation is performed.

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 fiscal years ended September 30, 2021, 2020 or 2019. Furthermore, no options were outstanding during the year.

In addition, during the first and second quarters of fiscal 2017, shares were granted to certain executive officers of the Company in connection with their signing of employment agreements with the Company. These stock awards vest in equal installments over eight years.
The following tables show the activity of options and share awards (including shares of restricted stock subject to vesting, fully-vested restricted stock, and PSUs) granted, exercised or forfeited under all of the Company’s option and incentive plans during the fiscal year ended September 30, 2021 and 2020.

There was no activity of options during the fiscal year ended September 30, 2021 and zero were outstanding or exercisable at September 30, 2021.
(Dollars in Thousands, Except Per Share Data)Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Yrs)Aggregate Intrinsic Value
Options outstanding, September 30, 201959,835 $8.06 1.54$1,469 
Granted— — — — 
Exercised(59,835)8.06 1.001,011 
Forfeited or expired— — — — 
Options outstanding, September 30, 2020— $— — $— 
Options exercisable, September 30, 2020— $— — $— 

(Dollars in Thousands, Except Per Share Data)Number of SharesWeighted Average Fair Value at Grant
Nonvested shares outstanding, September 30, 2020790,083 $30.03 
Granted190,187 30.88 
Vested(329,409)30.32 
Forfeited or expired(103,798)29.66 
Nonvested shares outstanding, September 30, 2021547,063 $30.22 
Nonvested shares outstanding, September 30, 2019926,122 $29.54 
Granted191,372 32.32 
Vested(316,283)29.92 
Forfeited or expired(11,128)31.35 
Nonvested shares outstanding, September 30, 2020790,083 $30.03 

(Dollars in Thousands, Except Per Share Data)Number of UnitsWeighted Average Fair Value at Grant
Performance share units outstanding, September 30, 2020— $— 
Granted(1)
60,984 34.03 
Vested— — 
Forfeited or expired— — 
Performance share units outstanding, September 30, 202160,984 $34.03 
(1) The number of performance share units (PSUs) granted reflects the target number of PSUs able to be earned under a given award.
Compensation expense for share-based awards is recorded over the vesting period at the fair value of the award at the time of the grant. The exercise price of options or fair value of nonvested (restricted) shares and PSUs granted under the Company’s 2002 Omnibus Incentive Plan is equal to the fair market value of the underlying stock at the grant date, adjusted for dividends where applicable. The Company has elected, with the adoption of ASU 2016-09, to record forfeitures as they occur.

The following table shows the effect to income, net of tax benefits, of share-based compensation expense recorded:
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Total employee stock-based compensation expense recognized in income, net of tax effects of $1,562, $2,567, and $3,230, respectively
$5,290 $7,656 $9,716 

As of September 30, 2021, stock-based compensation expense not yet recognized in income totaled $5.5 million, which is expected to be recognized over a weighted-average remaining period of 2.02 years.
v3.21.2
INCOME TAXES
 12 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company and its subsidiaries file a consolidated federal income tax return on a fiscal year basis. The provision for income taxes were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Federal:
Current$6,402 $3,148 $5,278 
Deferred(3,909)(4,505)(14,831)
2,493 (1,357)(9,553)
State:   
Current5,938 4,860 5,649 
Deferred2,270 2,158 530 
8,208 7,018 6,179 
Income tax expense (benefit)$10,701 $5,661 $(3,374)
The tax effects of the Company's temporary differences that give rise to significant portions of its deferred tax assets and liabilities were:
At September 30,
(Dollars in Thousands)20212020
Deferred tax assets:
Bad debts$15,946 $13,968 
Deferred compensation3,733 1,288 
Stock based compensation3,314 4,073 
Valuation adjustments4,111 5,343 
General business credits(1)
49,196 37,888 
Accrued expenses2,780 2,155 
Lease liability9,206 6,798 
Other assets4,253 3,215 
 92,539 74,728 
Deferred tax liabilities:  
Premises and equipment(3,328)(2,852)
Intangibles(3,032)(2,114)
Net unrealized gains on securities available for sale(2,471)(5,964)
Leased assets(46,355)(35,279)
Right-of-use assets(8,877)(6,550)
Other liabilities(3,303)(4,246)
(67,366)(57,005)
Net deferred tax assets$25,173 $17,723 
(1) The general business credits are investment tax credits generated from qualified solar energy property placed in service during the fiscal years ended September 30, 2021 and 2020. These credits expire on September 30, 2041 and 2040, respectively.

As of September 30, 2021, the Company had a gross deferred tax asset of $2.7 million for separate company state cumulative net operating loss carryforwards, for which $2.7 million was reserved. At September 30, 2020, the Company had a gross deferred tax asset of $2.4 million for separate company state cumulative net operating loss carryforwards, for which $2.4 million was reserved. These state operating loss carryforwards will expire in various subsequent periods.

In general, 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, 2021, or 2020 with the exception of the state cumulative net operating loss carryforwards discussed above.
The table below reconciles the statutory federal income tax expense and rate to the effective income tax expense and rate for the fiscal years presented. The Company's effective tax rate is calculated by dividing income tax expense by income before income tax expense.
Fiscal Year Ended September 30,
202120202019
(Dollars in Thousands)AmountRateAmountRateAmountRate
Statutory federal income tax expense and rate$32,854 21.0 %$24,151 21.0 %$20,568 21.0 %
Change in tax rate resulting from:
State income taxes net of federal benefits6,452 4.1 %5,444 4.7 %5,000 5.1 %
162(m) disallowance686 0.4 %1,129 1.0 %2,777 2.8 %
Tax exempt income(835)(0.5)%(1,212)(1.0)%(2,714)(2.8)%
General business credits(26,945)(17.2)%(22,284)(19.4)%(27,126)(27.7)%
Other, net(1,511)(1.0)%(1,567)(1.4)%(1,879)(1.8)%
Income tax expense (benefit)$10,701 6.8 %$5,661 4.9 %$(3,374)(3.4)%

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 uses the flow through method of accounting for investment tax credits under which the credits are recognized as a reduction to income tax expense in the period in which the credit arises. During the fiscal years ended September 30, 2021, 2020, and 2019, $26.5 million, $20.5 million, and $27.1 million in investment tax credits were recognized as a reduction to income tax expense, respectively.

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, 2018 and later remain subject to examination by the Internal Revenue Service. For state purposes, the tax years ended September 30, 2018 and later remain open for examination, with few exceptions.
 
A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits follows:
 
At September 30,
(Dollars in Thousands)20212020
Balance at beginning of fiscal year$1,091 $368 
Additions (reductions) for tax positions related to prior years(314)723 
Balance at end of fiscal year$777 $1,091 

The total amount of unrecognized tax benefits that, if recognized, would impact the effective rate was $667,000 as of September 30, 2021. 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 $112,000 as of September 30, 2021. The Company does not anticipate any significant change in the total amount of unrecognized tax benefits within the next 12 months.
v3.21.2
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS
 12 Months Ended
Sep. 30, 2021
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS [Abstract]  
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS
 
As U.S. banking organizations, the Company and the Bank are required to comply with the regulatory capital rules adopted by the Federal Reserve and the OCC (the "Capital Rules") that became effective on January 1, 2015, subject to phase-in periods for certain requirements and other provisions of the Capital Rules. Under the Capital Rules and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings and other factors.

The Capital Rules require the Company and the Bank to maintain minimum 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, 2021, 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 tables below include 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.
 CompanyBankMinimum
to be Adequately Capitalized Under Prompt Corrective Action Provisions		Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
At September 30, 2021
Tier 1 leverage capital ratio7.67 %8.69 %4.00 %5.00 %
Common equity Tier 1 capital ratio12.12 14.11 4.50 6.50 
Tier 1 capital ratio12.46 14.13 6.00 8.00 
Total capital ratio15.45 15.38 8.00 10.00 
At September 30, 2020    
Tier 1 leverage capital ratio6.58 %7.56 %4.00 %5.00 %
Common equity Tier 1 capital ratio11.78 13.96 4.50 6.50 
Tier 1 capital ratio12.18 14.00 6.00 8.00 
Total capital ratio15.30 15.26 8.00 10.00 
The following table provides a reconciliation of the amounts included in the table above for the Company.
(Dollars in Thousands)
Standardized Approach(1)
September 30, 2021
Total stockholders' equity$871,884 
Adjustments:
LESS: Goodwill, net of associated deferred tax liabilities300,780 
LESS: Certain other intangible assets33,572 
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards22,801 
LESS: Net unrealized gains (losses) on available for sale securities7,344 
LESS: Noncontrolling interest1,155 
ADD: Adoption of Accounting Standards Update 2016-138,202 
Common Equity Tier 1(1)
514,434 
Long-term borrowings and other instruments qualifying as Tier 113,661 
Tier 1 minority interest not included in common equity Tier 1 capital747 
Total Tier 1 capital528,842 
Allowance for credit losses53,159 
Subordinated debentures (net of issuance costs)73,980 
Total capital$655,981 
(1) Capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015. Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum common equity tier 1 capital ratio; those changes are being fully phased in through the end of 2021.

The following table provides a reconciliation of tangible common equity and tangible common equity excluding AOCI, each of which is used in calculating tangible book value data, to total stockholders equity. Each of tangible common equity and tangible common equity excluding AOCI is a non-GAAP financial measure that is commonly used within the banking industry.
(Dollars in Thousands)At September 30, 2021
Total stockholders' equity$871,884 
LESS: Goodwill309,505 
LESS: Intangible assets33,148 
Tangible common equity529,231 
LESS: AOCI7,599 
Tangible common equity excluding AOCI$521,632 

Since January 1, 2016, the Company and the Bank have been required 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 is 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. The required Common Equity Tier 1 risk-based, Tier 1 risk-based and total risk-based capital ratios with the buffer are currently 7.0%, 8.5% and 10.5%, respectively.

Based on current and expected continued profitability and subject to continued access to capital markets, we believe that the Company and the Bank will continue to meet the capital conservation buffer of 2.5% in addition to required minimum capital ratios.
v3.21.2
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES 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 as described below.
 
At September 30, 2021 and 2020, unfunded loan and lease commitments approximated $1.22 billion and $1.22 billion, respectively, excluding undisbursed portions of loans in process. Commitments, which are disbursed subject
to certain limitations, extend over various periods of time. Generally, unused commitments are canceled upon expiration of the commitment term as outlined in each individual contract.

The Company had no commitments to purchase securities at September 30, 2021 or 2020. The Company had no commitments to sell securities at September 30, 2021 or 2020.
 
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.

LEGAL PROCEEDINGS
 
From time to time, the Company or its subsidiaries are subject to certain legal proceedings and claims in the ordinary course of business. Accruals have been recorded when the outcome is probable and can be reasonably estimated. While management currently believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company’s financial position or its results of operations, legal proceedings are inherently uncertain and unfavorable resolution of some or all of these matters could, individually or in the aggregate, have a material adverse effect on the Company’s and its subsidiaries’ respective businesses, financial condition or results of operations.
v3.21.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Topic 606 applies to all contracts with customers unless such revenue is specifically addressed under existing guidance. The table below presents the Company’s revenue by operating segment. For additional descriptions of the Company’s operating segments, including additional financial information and the underlying management accounting process, see Note 21. Segment Reporting to the Consolidated Financial Statements.
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherConsolidated Company
Fiscal Year Ended September 30,20212020202120202021202020212020
Net interest income(1)
$92,133 $93,245 $173,325 $150,766 $13,533 $15,027 $278,991 $259,038 
Noninterest income:
Refund transfer product fees37,967 36,061 — — — — 37,967 36,061 
Tax advance product fees(1)
47,639 31,826 — — — — 47,639 31,826 
Payment card and deposit fees107,182 87,379 — — — — 107,182 87,379 
Other bank and deposit fees— — 917 984 22 326 939 1,310 
Rental income(1)
18 19 39,398 43,493 — 1,314 39,416 44,826 
Net gain realized on investment securities(1)
— — — — 6 51 6 51 
Gain on divestitures(1)
— — — — — 19,275 — 19,275 
Gain (loss) on sale of other(1)
— (19)12,622 9,587 (1,107)(5,143)11,515 4,425 
Other income(1)
2,902 3,018 8,876 6,087 14,462 5,536 26,240 14,641 
Total noninterest income195,708 158,284 61,813 60,151 13,383 21,359 270,904 239,794 
Revenue$287,841 $251,529 $235,138 $210,917 $26,916 $36,386 $549,895 $498,832 
(1) These revenues are not within the scope of Topic 606. Additional details are included in other footnotes to the accompanying financial statements. The scope of Topic 606 explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, and securities.

Following is a discussion of key revenues within the scope of Topic 606. The Company provides services to customers that have related performance obligations that must be completed to recognize revenue. Revenues are generally recognized immediately upon the completion of the service or over time as services are performed. Any services performed over time generally require that the Company renders services each period; therefore, the Company measures progress in completing these services based upon the passage of time. Revenue from contracts with customers did not generate significant contract assets and liabilities.
Refund Transfer Product Fees. Refund transfer fees are specific to the tax products offered by Refund Advantage and EPS. These fees are for products, services such as payment processing, and product referral commissions. Software partner fees paid and/or incurred are recorded on a net basis. The Company’s obligation for product fees and commissions is satisfied at the time of the product delivery and obligation for payment processing is satisfied at the time of processing. The transaction price for such activity is based upon stand-alone fees within the terms and conditions. At September 30, 2021 and 2020, there were no receivables related to refund transfer fees, which reflect earned revenue with unconditional rights to payment for product fee income. All refund transfer fees are recorded within the Consumer reporting segment.

Card Fees. Card fees relate to Meta Payments, Community Bank, Refund Advantage and EPS products. These fees are for products and services such as card activation, product support, processing, and servicing. The Company earns these fees based upon the underlying terms and conditions with each cardholder over the contract term. Agreements with the Company’s cardholders are considered daily service contracts as they are not fixed in duration. The Company’s obligation for card activation and product support fees is satisfied at the time of product delivery, while the obligation for processing and servicing is satisfied over the course of each month. The transaction price for such activity is based upon the stand-alone fees within the terms and conditions of the cardholder agreements. Card fee revenue also includes income from sponsorships, associations and networks, and interchange income. Sponsorship income relates to fees charged to the Company’s ATM sponsorship partners, where the obligation is satisfied over the course of each month. Association and network income reflect incentives, performance bonuses and rebates with MasterCard and Visa. The obligation for such income is satisfied at the time when certain thresholds of transaction volume have been met. Interchange income is generated by cardholder activity, and therefore the Company’s obligations are satisfied as activity occurs. The transaction price for such activity is based on underlying rates and activity thresholds within the terms and conditions of the applicable agreements. Card fee revenue also includes breakage revenue. Breakage represents the estimated amount that will not be redeemed by the holder of unregistered, unused prepaid cards for goods or services. Breakage revenue is recognized ratably over the expected customer usage period and is an estimate based on cardholder behavior and breakage rates. Breakage is also impacted by escheatment laws. Card fees are recorded within both the Consumer and Commercial reporting segments, the substantial majority of which is derived from the Company's payments division and reported in payments card and deposit fees. Card fees related to the Community Bank are reported within other bank and deposit fees.

Bank and Deposit Fees. Fees are earned on depository accounts for consumer and commercial customers and include fees for account services, overdraft services, safety deposit box rentals, and event-driven services (i.e. returned checks, ATM surcharge, card replacement, wire transfers, and stop pays). The Company’s obligation for event-driven services is satisfied at the time of the event when the service is delivered, while its obligation for account services is satisfied over the course of each month. The Company’s obligation for overdraft services is satisfied at the time of overdraft. The transaction price for such activity is based upon stand-alone fees within the terms and conditions of the deposit agreements. Bank and deposit fees are recorded within both the Consumer and Commercial reporting segments, the majority of which are derived from the Company's payments division. Bank and deposit fees related to the Community Bank are reported within other bank and deposit fees.

Principal vs Agent. The Consumer reporting segment includes principal/agent relationships. Within this segment, the Meta Payments division relationships are recorded on a gross basis within the Consolidated Statements of Operations, as Meta is the principal in the contract, with the exception of association/network contracts and partner/processor contracts for prepaid cards, which are recorded on a net basis within the Consolidated Statements of Operations as Meta is the agent in these contracts. Also within this segment, Tax Service relationships are recorded on a gross basis within the Consolidated Statements of Operations, as Meta is the principal in the contract, with the exception of contracts with software providers and merchants, which are recorded on a net basis within the Consolidated Statements of Operations as Meta is the agent in these contracts.
v3.21.2
SEGMENT REPORTING
 12 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING 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.

In the Annual Report on Form 10-K for the fiscal year ended September 30, 2019, the Company reported its results of operations through three business segments: Payments, Banking, and Corporate Services/Other. Beginning October 1, 2019, segments are now aligned with the new management operating structure implemented by the
Company for fiscal year 2020. The Company accordingly has changed its basis of presentation for segments, and following such change, reports its results of operations through the following three business segments: Consumer, Commercial, and Corporate Services/Other. The Meta Payments and Tax Services divisions, formerly reported in the Payments segment, are now included in the Consumer segment. The Consumer Credit Products and ClearBalance business lines, previously reported in the Banking segment, are now included in the Consumer segment. The Crestmark and AFS divisions, formerly reported in the Banking segment, are now included in the Commercial segment. The Community Bank division and Student Loan lending portfolio, previously reported in the Banking segment, are now included in the Corporate Services/Other segment. The Corporate Services/Other segment also includes certain shared services as well as treasury related functions such as the investment portfolio, warehouse finance, wholesale deposits and borrowings. Prior periods have been reclassified to conform to the current period presentation. The Company does not report indirect general and administrative expenses in the Consumer and Commercial segments.

The following tables present segment data for the Company:
Fiscal Year Ended September 30, 2021
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherTotal
Net interest income$92,133 $173,325 $13,533 $278,991 
Provision (recovery) for credit losses35,765 19,791 (5,790)49,766 
Noninterest income195,708 61,813 13,383 270,904 
Noninterest expense90,800 114,917 137,966 343,683 
Income (loss) before income tax expense161,276 100,430 (105,260)156,446 
Total assets372,115 3,191,215 3,127,320 6,690,650 
Total goodwill87,145 222,360 — 309,505 
Total deposits5,342,192 6,625 166,154 5,514,971 

Fiscal Year Ended September 30, 2020
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherTotal
Net interest income$93,245 $150,766 $15,027 $259,038 
Provision for loan and lease losses21,807 29,296 13,673 64,776 
Noninterest income158,284 60,151 21,359 239,794 
Noninterest expense76,521 107,802 134,728 319,051 
Income (loss) before income tax expense153,201 73,819 (112,015)115,005 
Total assets294,937 2,836,149 2,960,988 6,092,074 
Total goodwill87,145 222,360 — 309,505 
Total deposits4,555,999 6,226 416,975 4,979,200 
Fiscal Year Ended September 30, 2019
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherTotal
Net interest income$69,131 $152,565 $42,511 $264,207 
Provision for loan and lease losses25,138 21,901 8,611 55,650 
Noninterest income162,212 54,224 6,109 222,545 
Noninterest expense76,931 127,033 129,196 333,160 
Income (loss) before income tax expense (benefit)129,274 57,855 (89,187)97,942 
Total assets436,985 2,432,381 3,313,524 6,182,890 
Total goodwill87,145 222,360 — 309,505 
Total deposits2,444,452 5,588 1,886,965 4,337,005 
v3.21.2
PARENT COMPANY FINANCIAL STATEMENTS
 12 Months Ended
Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS
 
Presented below are the condensed financial statements for the parent company, Meta.
 
Condensed Statements of Financial Condition
(Dollars in Thousands)September 30, 2021September 30, 2020
ASSETS
Cash and cash equivalents$3,296 $4,783 
Investment securities held to maturity, at cost4,623 1,208 
Investment in subsidiaries956,584 933,431 
Other assets278 3,308 
Total assets$964,781 $942,730 
LIABILITIES AND STOCKHOLDERS' EQUITY  
LIABILITIES  
Subordinated debentures$87,641 $87,468 
Other liabilities5,256 7,954 
Total liabilities92,897 95,422 
STOCKHOLDERS' EQUITY  
Common stock317 344 
Additional paid-in capital604,484 594,569 
Retained earnings259,189 234,927 
Accumulated other comprehensive income (loss)7,599 17,542 
Treasury stock, at cost(860)(3,677)
Total equity attributable to parent870,729 843,705 
Non-controlling interest1,155 3,603 
Total stockholders' equity871,884 847,308 
Total liabilities and stockholders' equity$964,781 $942,730 
Condensed Statements of Operations
Fiscal Years Ended September 30,
(Dollars in Thousands)202120202019
Interest expense$4,915 $5,168 $5,296 
Other expense1,287 1,256 1,044 
Total expense6,202 6,424 6,340 
Loss before income taxes and equity in undistributed net income of subsidiaries(6,202)(6,424)(6,340)
Income tax benefit395 (3,638)(1,374)
Loss before equity in undistributed net income of subsidiaries(6,597)(2,786)(4,966)
Equity in undistributed net income of subsidiaries147,895 107,476 101,970 
Other Income410 30 — 
Total Income148,305 107,506 101,970 
Net income attributable to parent$141,708 $104,720 $97,004 
 
Condensed Statements of Cash Flows
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Cash flows from operating activities:
Net income attributable to parent$141,708 $104,720 $97,004 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net 173 163 153 
Equity in undistributed net income of subsidiaries(147,895)(107,476)(101,970)
Stock compensation6,852 10,221 12,942 
Net change:
Other assets3,030 (3,149)(35)
Accrued expenses and other liabilities(2,698)(2,660)(6,468)
Cash dividend received104,000 118,000 33,980 
Net cash provided by operating activities105,170 119,819 35,606 
Cash flows from investing activities:
Alternative investments(3,415)(797)— 
Net cash (used in) investing activities(3,415)(797)— 
Cash flows from financing activities:
Cash dividends paid(6,400)(7,100)(7,760)
Payments:
Purchase of shares by ESOP3,036 3,220 2,011 
Proceeds from:
Exercise of stock options and issuance of common stock— 266 44 
Issuance of restricted stock— 2 3 
Net increase in investment in subsidiaries— — (90)
Shares repurchased for tax withholding on stock compensation(99,878)(118,738)(49,912)
Net cash (used in) financing activities(103,242)(122,350)(55,704)
Net change in cash and cash equivalents(1,487)(3,328)(20,098)
Cash and cash equivalents at beginning of fiscal year4,783 8,111 28,209 
Cash and cash equivalents at end of fiscal year$3,296 $4,783 $8,111 

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 18 herein.
v3.21.2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Sep. 30, 2021
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 Quarter Ended
(Dollars in Thousands, Except Per Share Data)December 31March 31June 30September 30
Fiscal Year 2021
Interest and dividend income$68,146 $75,669 $69,983 $72,056 
Interest expense2,147 1,819 1,508 1,389 
Net interest income65,999 73,850 68,475 70,667 
Provision for credit losses6,089 30,290 4,612 8,775 
Noninterest income45,455 113,453 62,453 49,542 
Net income attributable to parent28,037 59,066 38,701 15,903 
Earnings per common share    
Basic$0.84 $1.84 $1.21 $0.50 
Diluted0.84 1.84 1.21 0.50 
Dividend declared per share0.05 0.05 0.05 0.05 
Fiscal Year 2020    
Interest and dividend income$77,625 $79,403 $67,406 $68,407 
Interest expense12,974 11,666 5,269 3,894 
Net interest income64,651 67,737 62,137 64,513 
Provision for loan and lease losses3,407 37,296 15,093 8,980 
Noninterest income37,483 120,513 41,048 40,750 
Net income attributable to parent21,068 52,304 18,190 13,158 
Earnings per common share    
Basic$0.56 $1.45 $0.53 $0.38 
Diluted0.56 1.45 0.53 0.38 
Dividend declared per share0.05 0.05 0.05 0.05 
Fiscal Year 2019    
Interest and dividend income$74,976 $88,294 $81,632 $80,828 
Interest expense14,704 16,944 14,664 15,211 
Net interest income60,272 71,350 66,968 65,617 
Provision for loan and lease losses9,099 33,318 9,112 4,121 
Noninterest income37,751 105,025 43,790 35,980 
Net income attributable to parent15,398 32,120 29,291 20,195 
Earnings per common share    
Basic$0.39 $0.81 $0.75 $0.53 
Diluted0.39 0.81 0.75 0.53 
Dividend declared per share0.05 0.05 0.05 0.05 
v3.21.2
FAIR VALUES OF FINANCIAL INSTRUMENTS
 12 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
FAIR VALUES OF FINANCIAL INSTRUMENTS FAIR VALUES OF FINANCIAL INSTRUMENTS
 
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. 
 
There were no transfers between levels of the fair value hierarchy for the fiscal years ended September 30, 2021 or 2020.
 
Debt Securities Available for Sale and Held to Maturity. Debt securities available for sale are recorded at fair value on a recurring basis and debt securities held to maturity are carried at amortized cost.
 
The fair values of debt securities available for sale, categorized primarily as Level 2, is recorded using prices obtained from independent asset pricing services that are based on observable transactions, but not quoted markets. Management reviews the prices obtained from independent asset pricing services for unusual fluctuations and compares to current market trading activity.

Equity Securities. Marketable equity securities and certain non-marketable equity securities are recorded at fair value on a recurring basis. The fair values of marketable equity securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs).
The following table summarizes the fair values of debt securities available for sale and equity securities as they are measured at fair value on a recurring basis.
 Fair Value At September 30, 2021
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Debt securities AFS
Corporate securities$25,000 $— $25,000 — 
SBA securities157,209 — 157,209 — 
Obligations of states and political subdivisions2,507 — 2,507 — 
Non-bank qualified obligations of states and political subdivisions268,295 — 268,295 — 
Asset-backed securities394,859 — 394,859 — 
Mortgage-backed securities1,017,029 — 1,017,029 — 
Total debt securities AFS$1,864,899 $— $1,864,899 $— 
Common equities and mutual funds(1)
$12,668 $12,668 $— $— 
Non-marketable equity securities(2)
$4,560 $— $— $— 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2021.
(2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

 Fair Value At September 30, 2020
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Debt securities AFS
SBA securities$164,955 $— $164,955 $— 
Obligations of states and political subdivisions841 — 841 — 
Non-bank qualified obligations of states and political subdivisions323,774 — 323,774 — 
Asset-backed securities324,925 — 324,925 — 
Mortgage-backed securities453,607 — 453,607 — 
Total debt securities AFS$1,268,102 $— $1,268,102 $— 
Common equities and mutual funds(1)
$2,969 $2,969 $— $— 
Non-marketable equity securities(2)
$2,784 $— $— $— 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2020.
(2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

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 and Leases. The Company does not record loans and leases at fair value on a recurring basis. However, if a loan or lease is individually evaluated for risk of credit loss and repayment is expected to be solely provided by the values underlying collateral, the Company measures fair value on a nonrecurring bases. Fair value is determined by the fair value of the underlying collateral less estimated costs to sell. The fair value of the collateral is determined based on the internal estimates and/or assessment provided by third-party appraisers and the valuation relies on discount rates ranging from 4% to 90%.
 
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:
 Fair Value At September 30, 2021
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance$3,404 $— $— $3,404 
Community Banking9,371 — — 9,371 
    Total loans and leases, net individually evaluated
    for credit loss		12,775 — — 12,775 
Foreclosed assets, net2,077 — — 2,077 
Total$14,852 $— $— $14,852 

 Fair Value At September 30, 2020
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Impaired loans and leases, net
Commercial finance$9,240 $— $— $9,240 
Community Banking20 — — 20 
    Total impaired loans and leases, net9,260 — — 9,260 
Foreclosed assets, net9,957 — — 9,957 
Total$19,217 $— $— $19,217 

Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)Fair Value at September 30, 2021Fair Value at September 30, 2020Valuation
Technique		Unobservable InputRange of Inputs
Loans and leases, net individually evaluated for credit loss$12,775 9,260 Market approach
Appraised values(1)
4% - 90%
Foreclosed assets, net$2,077 9,957 Market approach
Appraised values(1)
4% - 30%
(1) The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs and other inputs in a range of 4% to 90%.

Management discloses the estimated fair value amounts of its financial instruments, including assets and liabilities on and off the Consolidated Statements of Financial Condition, for which it is practicable to estimate fair value. These fair values estimates were made at September 30, 2021 and 2020 based on relevant market information and information about financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or a liability could be settled. However, since there is no active market for certain financial instruments of the Company, the estimates of fair value are subjective in nature, involve uncertainties, and include matters of significant judgment. Changes in assumptions as well as tax considerations could significantly affect the estimated values. Accordingly, 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.
The following tables present the carrying amount and estimated fair value of the financial instruments held by the Company:

 At September 30, 2021
(Dollars in Thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets
Cash and cash equivalents$314,019 $314,019 $314,019 $— $— 
Debt securities available for sale1,864,899 1,864,899 — 1,864,899 — 
Debt securities held to maturity56,669 56,391 — 56,391 — 
Common equities and mutual funds(1)
12,668 12,668 12,668 — — 
Non-marketable equity securities(1)(2)
17,509 17,509 — 12,949 — 
Loans held for sale56,194 56,194 — 56,194 — 
Loans and leases3,607,815 3,616,646 — — 3,616,646 
Federal Reserve Bank and Federal Home Loan Bank stocks28,400 28,400 — 28,400 — 
Accrued interest receivable16,254 16,254 16,254 — — 
Financial liabilities
Deposits5,514,971 5,515,035 5,482,471 32,564 — 
Other short- and long-term borrowings92,834 93,938 — 93,938 — 
Accrued interest payable579 579 579 — — 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2021.
(2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

 At September 30, 2020
(Dollars in Thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets
Cash and cash equivalents$427,367 $427,367 $427,367 $— $— 
Debt securities available for sale1,268,102 1,268,102 — 1,268,102 — 
Debt securities held to maturity92,610 93,745 — 93,745 — 
Common equities and mutual funds(1)
2,969 2,969 2,969 — — 
Non-marketable equity securities(1)(2)
14,784 14,784 — 12,000 — 
Loans held for sale183,577 183,577 — 183,577 — 
Loans and leases3,314,140 3,307,037 — — 3,307,037 
Federal Reserve Bank and Federal Home Loan Bank stocks27,138 27,138 — 27,138 — 
Accrued interest receivable16,628 16,628 16,628 — — 
Financial liabilities
Deposits4,979,200 4,980,073 4,705,028 275,045 — 
Other short- and long-term borrowings98,224 100,185 — 100,185 — 
Accrued interest payable1,923 1,923 1,923 — — 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2020.
(2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
The following sets forth the methods and assumptions used in determining the fair value estimates for the Company’s financial instruments at September 30, 2021 and 2020.
 
CASH AND CASH EQUIVALENTS
The carrying amount of cash and short-term investments is assumed to approximate the fair value.
 
DEBT SECURITIES AVAILABLE FOR SALE AND EQUITY SECURITIES
Debt securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair values for these 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. Non-marketable equity securities are measured at fair value using NAV per share (or its equivalent) as a practical expedient.

LOANS HELD FOR SALE
The carrying amount of loans held for sale is assumed to approximate the fair value.

LOANS AND LEASES, NET
The fair values of loans and leases were estimated using an exit price methodology. The exit price estimation of fair value is based on the present value of expected cash flows, which are based on the contractual terms of the loans, adjusted for prepayments and a discount rate based on the relative risk of the cash flows. Other considerations include the loan type, remaining life of the loan and credit risk.

FEDERAL RESERVE BANK AND FEDERAL HOME LOAN BANK STOCKS
The fair value of FRB and FHLB stock is assumed to approximate book value since the Company is only 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 noninterest-bearing checking deposits, interest-bearing checking deposits, savings, money markets, and wholesale non-maturing deposits are assumed to approximate fair value since deposits are immediately withdrawable without penalty. The fair value of time certificate deposits and wholesale certificate of deposits are estimated using a discounted cash flows calculation that applies the FHLB Des Moines curve to aggregated expected maturities of time deposits. In accordance with Subtopic 825-10, Financial Instruments, no value has been assigned to the Company’s long-term relationships with its deposit customers (core value of deposits intangible) as such intangibles are not financial instruments as defined under Subtopic 825-10.
 
OVERNIGHT FEDERAL FUNDS PURCHASED
The carrying amount of federal funds purchased is assumed to approximate the fair value.

FEDERAL HOME LOAN BANK ADVANCES
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.
 
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE, SUBORDINATED DEBENTURES AND OTHER BORROWINGS
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
Fair value estimates are made at a specific point in time and are 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.
v3.21.2
SUBSEQUENT EVENTS
 12 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Management has evaluated subsequent events that occurred after September 30, 2021. During this period, up to the filing date of this Annual Report on Form 10-K, management identified the following subsequent events:

•Beginning in November 2021, all participants with shares held in the ESOP can elect their preferred distribution method due to the ESOP terminating effective September 30, 2021. Concurrent with the termination of the ESOP, the Company also increased its employee contribution match from 4% to 6% in the profit sharing plan.

•Subsequent to September 30, 2021, an additional 1,252,145 shares were repurchased by the Company through November 18, 2021.

•On October 19, 2021, the Company executed a loan sale agreement for approximately $170.0 million of the retained Community Bank loan portfolio with a third party. The sale is expected to close before December 31, 2021. The overall net impact of the transaction on the Company's Consolidated Statements of Operations is not known at this time.

•On October 13, 2021, the Company sold an additional $30.2 million of the retained Community Bank loan portfolio to Central Bank. The sale did not result in any material gain to the Company. The loans included in the sale were not classified as held for sale at September 30, 2021. Management estimates $1.0 million in allowance for credit losses at September 30, 2021 relates to this loan sale.
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
PRINCIPLES OF CONSOLIDATION PRINCIPLES OF CONSOLIDATIONThe Consolidated Financial Statements include the accounts of Meta Financial Group, Inc. (the “Company”), a registered bank holding company located in Sioux Falls, South Dakota, and its wholly-owned subsidiaries. The Company's subsidiaries include MetaBank (the “Bank”), a national bank whose primary federal regulator is the Office of the Comptroller of the Currency (the "OCC"), and Meta Capital, LLC, a wholly-owned service corporation subsidiary of MetaBank which invests in companies in the financial services industry. All significant intercompany balances and transactions have been eliminated. 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, and Crestmark Capital Trust I, which was acquired from the Crestmark Acquisition in August 2018. The Trust and Crestmark Capital Trust I are not included in the Consolidated Financial Statements of the Company. In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities ("VIEs") and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the Consolidated Financial Statements.
NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATION NATURE OF BUSINESS AND INDUSTRY SEGMENT INFORMATIONOne of the Company's primary sources of revenue 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 revenue for the Company is interest from the purchase or origination of commercial finance loans, consumer finance loans, and warehouse finance loans. The Company accepts deposits from customers in the normal course of business on a national basis through its Meta Payments and tax services divisions, and through wholesale funding. 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 three reporting segments.
USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTSThe preparation of Consolidated Financial Statements in conformity with 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 valuation of residual values within lease receivables, allowance for credit losses, the valuation of goodwill and 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
CASH AND CASH EQUIVALENTS
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 Federal Home Loan Bank ("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 zero at September 30, 2021, and zero at September 30, 2020. 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, 2021, the Company had $2.3 million interest-bearing deposits held at the FHLB and $184.7 million in interest-bearing deposits held at the FRB. 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 requires that, at acquisition, an enterprise classify debt securities into one of three categories: Available for Sale (“AFS”), Held to Maturity (“HTM”) or trading. AFS debt securities are carried at fair value on the Consolidated Statements of Financial Condition. Unrealized holding gains and losses due to risk of credit loss are recognized in earnings while unrealized holding gains and losses due to market conditions and other non-credit risk factors are excluded from earnings and recognized as a separate component of equity in accumulated other comprehensive income (loss) (“AOCI”). See Note 24. Fair Values of Financial Instruments for additional information on fair value of AFS debt securities. HTM debt securities are measured at amortized cost. The Company classifies the majority of its debt securities as AFS, which are those the Company may decide to sell if needed for liquidity, asset/liability management, or other reasons. Both AFS and HTM are subject to an allowance for credit loss. Meta did not hold trading securities at September 30, 2021 or 2020.
 
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 using the level yield method, is included in income as earned. For callable debt securities, any purchase premium is amortized to the first call date while any discount is accreted over the contractual life of the security.

Debt Securities Credit Losses
The Company evaluates HTM debt securities for credit losses on a quarterly basis and records any such losses as a component of provision for credit losses in the Consolidated Statements of Operations. The Company has concluded that its portfolio as of September 30, 2021 has a zero risk of credit loss due to the U.S. Government financial guarantees underlying the securities within the HTM portfolio and as a result has not recorded an allowance for credit loss.

The Company evaluates AFS debt securities for credit losses on a quarterly basis and records any such losses as a component of provision for credit losses in the Consolidated Statements of Operations. The Company has concluded that any unrealized holding losses in its portfolio as of September 30, 2021 are not related to credit loss and as a result has not recorded an allowance for credit loss. See Note 4. Securities for further information.

Equity Investments
The Company holds marketable equity securities, which have readily determinable fair value, and include common equity and mutual funds. These securities are recorded at fair value with unrealized gains and losses, due to changes in fair value, reflected in earnings. Interest and dividend income from these securities is recognized in interest income. See Note 4. Securities for additional information on marketable equity securities.

The Company also holds non-marketable equity investments that are included in Other Assets in the Company’s Consolidated Financial Statements. The Company generally accounts for these investments under the equity method or the provisions of Accounting Standards Codification ("ASC") 321. Equity Securities. Investments where the Company has significant influence, but not control, over the investee are accounted for under the equity method. Investments where the Company cannot exercise significant influence over the investee are measured at fair value, with changes in fair value recognized in earnings, unless those investments have no readily determinable fair value. Investments without readily determinable fair value are measured under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer ("measurement alternative investments").

The Company reviews for impairment for equity method and measurement alternative investments and includes an analysis of the facts and circumstances for each investment, expectations of cash flows, capital needs, and viability of its business model. For equity method, the asset carrying value is reduced when the decline in fair value is considered to be other than temporary. For measurement alternative investments, the asset carrying value is reduced when the fair value is less than the carrying value, without the consideration of recovery.
The Company held the following non-marketable equity investments:

•Equity Method - The Company held equity method investments of $3.1 million within other assets as of September 30, 2021 and $11.0 million at September 30, 2020. The Company’s ownership of such investments typically ranges from 5% - 25% of the investee. The Company recognized net earnings from these investments in the amount of $0.3 million within noninterest income for the fiscal year ended September 30, 2021. The Company elected to classify distributions received from equity method investments using the cumulative earnings approach on the Consolidated Statements of Cash Flows.

•Fair Value Method - The Company held equity investments measured at net asset value (NAV) per share (or its equivalent) of $4.6 million at September 30, 2021 and $2.8 million at September 30, 2020 where NAV is considered the fair value practical expedient. These investments are recorded within other assets on the Company’s Consolidated Financial Statements. Fluctuations in fair value are recognized in earnings within noninterest Income.

•Measurement Alternative - The Company held equity investments measured using the measurement alternative of $12.9 million as of September 30, 2021 and $12.0 million at September 30, 2020 within other assets on the Company’s Consolidated Financial Statements. The Company recognized a fair value increase of $8.0 million and none during the fiscal years ended September 30, 2021 and 2020, respectively. The Company recognized impairment losses of $2.6 million and $1.3 million on such investments during the fiscal years ended September 30, 2021 and 2020, respectively.
LOANS HELD FOR SALE ("LHFS")
LOANS HELD FOR SALE ("LHFS")
LHFS include commercial loans originated under the guidelines of the SBA or USDA, consumer loans, and loans retained in the community bank portfolio. LHFS are held at the lower of cost or fair value. Generally, LHFS are valued on an aggregate portfolio basis. Any amount by which the cost exceeds fair value is initially recorded as a valuation allowance and subsequently reflected in the gain or loss on sale when sold. At September 30, 2021 and 2020, there was no valuation allowance recorded for LHFS. Gains and losses on LHFS are recorded in noninterest income on the Consolidated Statements of Operations. Loan costs and fees are deferred at origination and are recognized in income at the time of sale. Interest income is calculated based on the note rate of the loan and is recorded as interest income. For loans transferred to LHFS due to change in intent of holding the loans to maturity or for the foreseeable future, such loans are transferred at lower of cost or fair value.
LOANS AND LEASES
LOANS AND LEASES

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 net of any unearned income, cumulative charge-offs, unamortized deferred fees and costs on originated loans, and unamortized premiums or discounts on purchased 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. Unearned income, deferred loan fees and costs, and discounts and premiums are amortized to interest income over the contractual life of the loan using the interest method. The Company generally places Community Banking loans on nonaccrual status when: the full and timely collection of interest or principal becomes uncertain; they are 90 days past due for interest or principal, unless they are both well-secured and in the process of collection; or part of the principal balance has been charged off. The majority of the Company's National Lending loans follow the same nonaccrual policy as Community Banking loans with certain commercial finance, consumer finance and tax service loans not generally being placed on non-accrual status, but instead are charged off when the collection of principal and interest become doubtful. When placed on nonaccrual status, the accrued unpaid interest receivable is reversed against interest income and any remaining amortizing of net deferred fees is suspended. Cash collected on these loans is applied to first reduce the carrying value of the loan with any remainder being recognized as interest income. Generally, a loan can return to accrual status when all delinquent interest and principal become current under the terms of the loan agreement and collectability of the remaining principal and interest is no longer doubtful. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Prior to the adoption of CECL, loans and leases on nonaccrual status were accounted for and disclosed as impaired loans and leases.
For commercial loans, the Company generally fully charges off or charges down to net realizable value (fair value of collateral, less estimated costs to sell) for loans secured by collateral when: management judges the loans to be uncollectible; repayment is deemed to be protracted beyond reasonable time frames; the loan has been classified as a loss by either the Company's internal loan review process or its banking regulatory agencies; the customer has filed bankruptcy and the loss becomes evident owing to lack of assets; or the loan meets a defined number of days past due unless the loan is both well-secured and in the process of collection. For consumer loans, the Company fully charges off or charges down to net realizable value when deemed uncollectible due to bankruptcy or other factors, or meets a defined number of days past due.

As part of the Company’s ongoing risk management practices, management generally 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. Modified loan terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance or other actions intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of the collateral. 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. 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. Prior to the adoption of CECL, loans and leases designated as TDRs were accounted for and disclosed as impaired loans and leases.

Leases Receivable
The Company provides various types of commercial lease financing that are classified for accounting purposes as direct financing, sales-type or operating leases. Leases that transfer substantially all of the benefits and risks of ownership to the lessee are classified as direct financing or sales-type leases and are included in loans and leases receivable on the Consolidated Statements of Financial Condition. Direct financing and sales-type leases are carried at the combined present value of future minimum lease payments and lease residual values. The determination of lease classification requires various judgments and estimates by management, including the fair value of equipment at lease inception, useful life of the equipment under lease, lease residual value, and collectability of minimum lease payments.

Sales-type leases generate dealer profit, which is recognized at lease inception by recording lease revenue net of lease cost. Lease revenue consists of the present value of the future minimum lease payments. Lease cost consists of the lease equipment’s book value, less the present value of its residual. Interest income on direct financing and sales-type leases is recognized using methods that approximate a level yield over the fixed, non-cancelable term of the lease. Recognition of interest income is generally discontinued at the time the lease becomes 90 days delinquent, unless the lease is well-secured and in process of collection. Delinquency and past due status is based on the contractual terms of the lease. The Company receives pro rata rent payments for the interim period until the lease contract commences and the fixed, non-cancelable lease term begins. Interim payments are recognized in the month they are earned and are recorded in interest income. Management has policies and procedures in place for the determination of lease classification and review of the related judgments and estimates for all lease financings.

The Company generally fully charges off or charges down to net realizable value (fair value of collateral, less estimated costs to sell) for leases when management judges the lease to be uncollectible; repayment is deemed to be protracted beyond reasonable time frames; the lease has been classified as a loss by either the Company's internal review process or its banking regulatory agencies; the customer has filed bankruptcy and the loss becomes evident owing to lack of assets; or the lease meets a defined number of days past due unless the lease is both well-secured and in the process of collection.
Some lease financings include a residual value component, which represents the estimated fair value of the leased equipment at the expiration of the initial term of the transaction. The estimation of the residual value involves judgments regarding product and technology changes, customer behavior, shifts in supply and demand, and other economic assumptions. The Company reviews residual assumptions at least annually and records impairment, if necessary, which is charged to non-interest expense in the period it becomes known. The Company may purchase and sell minimum lease payments, primarily as a credit risk reduction tool, to third-party financial institutions at fixed rates on a non-recourse basis with its underlying equipment as collateral. For those transactions that achieve sale treatment, the related lease cash flow stream and the non-recourse financing are derecognized. For those transactions that do not achieve sale treatment, the underlying lease remains on the Company’s Consolidated Statements of Financial Condition and non-recourse debt is recorded in the amount of the proceeds received. The Company retains servicing of these leases and bills, collects, and remits funds to the third-party financial institution. Upon default by the lessee, the third-party financial institutions may take control of the underlying collateral which the Company would otherwise retain as residual value.

Leases that do not transfer substantially all benefits and risks of ownership to the lessee are classified as operating leases. Such leased equipment are included in rental equipment on the Consolidated Statements of Financial Condition and are depreciated on a straight-line basis over the term of the lease to its estimated residual value. Depreciation expense is recorded as operating lease equipment depreciation expense within noninterest expense. Operating lease rental income is recognized when it becomes due and is reflected as a component of noninterest income. An ACL is not provided on operating leases.
LOAN SERVICING AND TRANSFERS OF FINANCIAL ASSETS LOAN SERVICING AND TRANSFERS OF FINANCIAL ASSETSThe Company, from time to time, sells loan participations, generally without recourse. The Company also sells commercial SBA and USDA loans to third parties, 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 and records a servicing asset, which is included within other assets on the Consolidated Statements of Financial Condition.
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES
The ACL represents management’s estimate of current credit losses expected to be incurred by the loan and lease portfolio over the life of each financial asset as of the balance sheet date. The Company individually evaluates loans and leases that do not share similar risk characteristics with other financial assets for impairment, which generally means loans and leases identified as troubled debt restructurings or loans and leases on nonaccrual status. All other loans and leases are evaluated collectively for credit loss. A reserve for unfunded credit commitments such as letters of credit and binding unfunded loan commitments is recorded in other liabilities on the Consolidated Statements of Financial Condition.

Individually evaluated loans and leases are a key component of the ACL. Generally, the Company measures credit loss on individually evaluated loans based on the fair value of the collateral less estimated selling costs, as the Company considers these financial assets to be collateral dependent. If an individually evaluated loan or lease is not collateral dependent, credit loss is measured at the present value of expected future cash flows discounted at the loan or lease initial effective interest rate.
Credit loss for all other loans and leases is evaluated collectively by various characteristics. The collective evaluation of expected losses in all commercial finance portfolios is based on a cohort loss rate and adjustments for forward-looking information, including industry and macroeconomic forecasts. The cohort loss rate is a life of loan loss rate that immediately reverts to historical loss information for the remaining maturity of the financial asset. Management has elected to use a twelve-month reasonable and supportable forecast for forward-looking information. Factors utilized in the determination of the allowance include historical loss experience, current economic forecasts and measurement date credit characteristics such as product type, delinquency, and industry. The unfunded credit commitments depend on these same factors, as well as estimates of lines of credit usage. The various quantitative and qualitative factors used in the methodologies are reviewed quarterly.

The collective evaluation of expected credit losses for certain consumer lending portfolios utilize different methodologies when estimating expected credit losses. The Company’s student loan portfolio utilizes a roll-rate historical loss rate and adjustments for forward-looking information, including macroeconomic conditions. Management has elected to use a twelve-month reasonable and supportable forecast with an immediate reversion to historical loss rates. Factors utilized in the determination of the allowance include historical loss experience, current economic forecasts, and measurement date credit characteristics including delinquency.

Loans and leases are charged off to the extent they are deemed uncollectible. Net charge-offs are included in historical data utilized for calculating the ACL. For commercial loans, the Company generally fully charges off or charges down to net realizable value (fair value of collateral, less estimated costs to sell) for loans secured by collateral when management judges the loan to be uncollectible, repayment is deemed to be protracted beyond a reasonable timeframe, the loan has been classified as a loss by either the Company’s internal loan review process or its banking regulatory agencies, the Company has filed bankruptcy and the loss becomes evident owing to lack of assets, or the loans meets a defined number of days past due unless the loan is both well-secured and is in the process of collection. For consumer loans, the Company fully charges off or charges down to net realizable value when deemed uncollectible due to bankruptcy or other factors or meets a defined number of days past due.

The amount of ACL depends significantly on management’s estimates or key factors and assumptions affecting valuation, appraisals of collateral, evaluations of performance and status, the amounts and timing of future cash flows expected to be received, forecasts of future economic conditions and reversion periods. Such estimates, appraisals, evaluations, cash flows and forecasts may be subject to frequent adjustments due to changing economic prospects of borrowers, lessees, properties or economic conditions. These estimates are reviewed quarterly and adjustments, if necessary, are recorded in the provision for credit losses in the periods in which they become known.

Accrued interest receivable is presented separately on the Consolidated Statements of Financial Condition, and an ACL is not recorded for these balances. Generally, when a loan or lease is placed on nonaccrual status, typically when the collection of interest or principal is 90 days or more past due, uncollected interest accrued in prior years is charged off against the ACL and interest accrued in the current year is reversed against interest income.

Management maintains a framework of controls over the estimation process for the ACL, including review of collective reserve methodologies for compliance with GAAP. Management has a quarterly process to review the appropriateness of historical observation periods and loss assumptions and risk ratings assigned to loans and leases, if applicable. Management reviews its qualitative framework and the effect on the collective reserve compared with relevant credit risk factors and consistency with credit trends. Management also maintains controls over information systems, models and spreadsheets used in the quantitative components of the reserve estimate. This includes the quality and accuracy of historical data used to derive loss rates, the inputs to industry and macroeconomic forecasts and the reversion periods utilized. The results of this process are summarized and presented to management quarterly for their approval of the recorded allowance. See Note 5. Loans and Leases, Net for further information.
The following are risk characteristics of the Company’s loan and lease portfolio:
Commercial Finance
The Company's commercial finance product lines include term lending, asset based lending, factoring, leasing, insurance premium finance, government guaranteed lending and other commercial finance products offered on a nationwide basis that are subject to adverse market conditions which may impact the borrower’s ability to make repayment on the loan or lease or could cause a decline in the value of the collateral that secures the loan or lease. The loans or leases are primarily made based on the operating cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of borrowers may be volatile and the value of the collateral securing these loans and leases may be difficult to measure. Most commercial finance loans and leases are secured by the assets being financed or other business assets such as accounts receivable or inventory. Although the loans and leases are often collateralized by equipment, inventory, accounts receivable, insurance premiums or other business assets, the liquidation of collateral in the event of a borrower default may be an insufficient source of repayment, because accounts receivable may be uncollectible and inventories and equipment may be obsolete or of limited use. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the management of the business and the credit-worthiness of borrowers and guarantors.

Consumer Finance
The Bank designs its credit program relationships with certain desired outcomes. Three high priority outcomes are liquidity, credit protection, and risk retention. The Bank believes the benefits of these outcomes not only support its goals but the goals of the credit program partner as well. The Bank designs its program credit protections in a manner so that the Bank earns a reasonable risk adjusted return, but is protected by certain layers of credit support, similar to what you would find in structured finance. The Bank will hold a sizable portion of the originated asset on its own balance sheet, but retains the flexibility to sell a portion of the originated asset to other interested parties, thereby supporting program liquidity. 

Tax Services
The Bank's tax services division provides short-term taxpayer advance loans. Taxpayers are underwritten to determine eligibility for these unsecured loans. Due to the nature of taxpayer advance loans, it typically takes no more than three e-file cycles (the period of time between scheduled IRS payments) from when the return is accepted by the IRS to collect from the borrower. In the event of default, the Bank has no recourse against the tax consumer. The Bank will charge off the balance of a taxpayer advance loan if there is a balance at the end of the calendar year, or when collection of principal becomes doubtful.

Through its tax services division, the Bank provides short-term electronic return originator ("ERO") advance loans on a nationwide basis. These loans are typically utilized by tax preparers to purchase tax preparation software and to prepare tax office operations for the upcoming tax season. EROs go through an underwriting process to determine eligibility for the unsecured advances. ERO loans are not collateralized. Collection on ERO advances begins once the ERO begins to process refund transfers. Generally, the Bank will charge off the balance of an ERO advance loan if there is a balance at the end of June, or when collection of principal becomes doubtful.

Warehouse Finance
The Bank participates in several asset-backed warehouse lines of credit whereby the Bank is in a senior, secured position as the first out participant. These facilities are primarily collateralized by consumer receivables, with the Bank holding a senior collateral position enhanced by a subordinate party structure.

Community Banking
Effective on February 29, 2020 (the "Closing Date") of the Community Bank division sale to Central Bank, the Company substantially ceased originating loans within its Community Banking loan portfolio. The Company entered a servicing agreement with Central Bank for the retained Community Bank loan portfolio that became effective on the Closing Date. See Note 3. Divestitures and Note 25. Subsequent Events for further information related to the Community Banking lending portfolio.
EARNINGS PER COMMON SHARE ("EPS")
EARNINGS PER COMMON SHARE (“EPS”)
Basic earnings per share is computed by dividing income available to common stockholders after the allocation of dividends and undistributed earnings to the participating securities by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, and is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options and after the allocation of earnings to the participating securities. See Note 6. Earnings per Common Share for further information.
PREMISES, FURNITURE, AND EQUIPMENT PREMISES, FURNITURE, AND EQUIPMENTLand is carried at cost. Buildings, furniture, fixtures, leasehold improvements and equipment are carried at cost, less accumulated depreciation and amortization. The Company primarily uses the straight-line method of depreciation over the estimated useful lives of the assets, which is 39 years for buildings, and range from two years to 15 years for leasehold improvements, and for furniture, fixtures and equipment. Assets are reviewed for impairment when events indicate the carrying amount may not be recoverable.
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.
GOODWILL
GOODWILL
Goodwill represents the cost in excess of the fair value of net assets acquired (including identifiable intangibles) in transactions accounted for as business acquisitions. Goodwill is evaluated annually for impairment at a reporting unit level. The Company has determined that its reporting units are one level below the operating segments and distinguish these reporting units based on how the segments and reporting units are managed, taking into consideration the economic characteristics, nature of the products, and customers of the segments and reporting units. The Company performs its impairment evaluation as of September 30 of each fiscal year unless a triggering event occurs that would require an interim impairment evaluation. If the carrying amount of the reporting unit with goodwill exceeds its fair value, goodwill is considered impaired and is written down by the excess carrying value of the reporting unit. Subsequent increases in goodwill are not recognized in the Consolidated Financial Statements. No goodwill impairment was recognized during the fiscal years ended September 30, 2021, 2020 or 2019. See Note 10. Goodwill and Intangible Assets for further information.
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. See Note 10. Goodwill and Intangible Assets for further information.
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, 2021 and 2020, all shares in the ESOP were allocated. See Note 15. Employee Stock Ownership and Profit Sharing Plans for further information. Effective September 30, 2021, the ESOP terminated, and all participant balances became immediately vested. See Note 25. Subsequent Events for further information.
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 non-vested (restricted) shares and performance share units granted under the Company’s incentive plans is equal to the fair market value of the underlying stock at the grant date, adjusted for dividends where applicable. The Company has elected to record forfeitures as they occur. See Note 16. Stock Compensation for further information.
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 noninterest income or noninterest expense. The effect on deferred tax assets and liabilities from a change in tax rates is recorded in income tax expense in the Consolidated Statements of Operations in the period in which the enactment date occurs. If current period income tax rates change, the impact on the annual effective income tax rate is applied year to date in the period of enactment. See Note 17. Income Taxes for further information.
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. The reserve for these unfunded commitments is included within Other Liabilities on the Consolidated Statements of Financial Condition.
REVENUE RECOGNITION
REVENUE RECOGNITION
Interest revenue from loans, leases, and investments is recognized on the accrual basis of accounting as the interest is earned according to the terms of the particular loan, lease, or investment. Income from service and other customer charges is recognized as earned. Revenue within the Consumer segment is recognized as services are performed and service charges are earned in accordance with the terms of the various programs. Refer to Note 20. Revenue from Contracts with Customers for additional information.
COMPREHENSIVE INCOME (LOSS)
COMPREHENSIVE INCOME (LOSS)
Comprehensive income (loss) consists of net income and other comprehensive income or loss. Other comprehensive income or loss includes the change in net unrealized holding gains and losses due to market conditions and other non-credit risk factors on AFS debt securities, net of reclassification adjustments and tax effects. Accumulated other comprehensive income (loss) is recognized as a separate component of stockholders’ equity.
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS
The Company has disclosed information on its equity investments and relationships with variable interest entities in Note 1. Summary of Significant Accounting Policies.
RECLASSIFICATION AND REVISION OF PRIOR PERIOD BALANCES
RECLASSIFICATION AND REVISION OF PRIOR PERIOD BALANCES
Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. These changes and reclassifications did not impact previously reported net income or comprehensive income.
RECENT ACCOUNTING STANDARDS UPDATES ("ASU")
RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU")
The following ASUs were adopted by the Company during the fiscal year ended September 30, 2021:

ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and related ASUs, (collectively “Topic 326”), which changes the impairment model for most financial assets, including trade and other receivables, debt securities held to maturity, loans, net investments in leases, purchased financial assets with credit deterioration, and off-balance sheet credit exposures. ASU 2016-13 requires the use of a current expected credit loss (“CECL”) methodology to determine the allowance for credit losses for loans and debt securities held to maturity. CECL requires loss estimates for the remaining estimated life of the assets to be measured using historical loss data, adjustments for current conditions, and adjustments for reasonable and supportable forecasts of future economic conditions. The Company adopted CECL using the modified retrospective approach with a cumulative effect adjustment to Retained Earnings recorded on October 1, 2020.

Our adoption resulted in an ACL as of October 1, 2020 that is larger than the allowance for loan and lease losses (“ALLL”) that would have been recorded under legacy guidance on the same date by $12.8 million in total for all portfolios. A portion of this increase is a result of new requirements to record ACL on acquired loans and leases, regardless of any credit mark recorded. Under legacy guidance, credit marks were included in the determination of fair value adjustments reflected as a discount to the carrying value of the loans and leases and an ALLL was not recorded on acquired loans and leases until evidence of credit deterioration existed post acquisition. The remaining credit and interest mark will continue to accrete over the life of the loan or lease but will no longer be considered when estimating the ACL for acquired loans and leases under CECL. The adoption of CECL also resulted in an increase in the liability of unfunded commitments of $0.8 million. For other assets in scope of the standard such as held to maturity debt securities and trade and other receivables, the impact from this ASU was inconsequential. The cumulative tax effected adjustment to record ACL and to increase the unfunded commitments liability resulted in a reduction to retained earnings of $8.4 million along with $2.5 million attributable to noncontrolling interests. Post adoption, as loans and leases are added to the portfolio, the Company expects higher levels of ACL determined by CECL assumptions, resulting in accelerated recognition of provision for credit losses, as compared to historical results. In response to the COVID-19 pandemic, regulatory agencies have published a final rule that provides the option to delay the cumulative effect of the day 1 impact to CECL adoption on regulatory capital for two years, followed by a three-year phase in period. Management has elected this five-year transition period consistent with such final rule. Additional and modified disclosure requirements under CECL are included in Note 4. Securities and Note 5. Loans and Leases, Net.

The Company also adopted the following ASUs effective October 1, 2020, none of which had a material impact on the Company’s Consolidated Financial Statements:

–ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.
–ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.
–ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities.

ASUs to be Adopted

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU are intended to simplify the accounting for income taxes by removing certain exceptions to the general rules found in Topic 740, Income Taxes. The majority of the amendments are to be applied on a prospective basis. This ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this guidance on the consolidated financial statements.

ASU 2020-01, Investments-Equity Securities (Topic 321): Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying Interactions between Topics 321, 323 and 815. This ASU clarifies the interactions between Topic 321, Topic 323 and Topic 815, including accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Management is currently evaluating the impact of this guidance on the consolidated financial statements.
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional expedients and exceptions to applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform if certain criteria are met. The amendments include a one-time sale or transfer election of held to maturity debt securities impacted by reference rate reform. The amendments in this ASU are effective upon issuance through December 31, 2022. The Company is currently evaluating the impact of this guidance on the consolidated financial statements.

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. This ASU clarifies that an entity should amortize any premium, if applicable, to the next call date, which is the first date when a call option at a specified price becomes exercisable. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Management is currently evaluating the impact of this guidance on the consolidated financial statements.

ASU 2020-10, Codification Improvements. This ASU provides clarification, corrects unintended application of guidance, and makes minor improvements to various Topics that are not expected to have a significant impact on the Company’s current accounting policies and practices. Amendments within this ASU are effective for fiscal years beginning after December 15, 2020.
ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942), and Financial Services – Investment Companies (Topic 946) – Amendments to SEC Paragraphs, Amendments to Financial Disclosures, and Update of Statistical Disclosures. This ASU amends and adds various SEC paragraphs pursuant to final SEC rules released 33-10786 and 33-10835. Amendments within this ASU are effect for fiscal years ending after December 15, 2021 and are not expected to have a significant impact on the Company’s financial statement disclosures.
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of Summarized Financial Information of Variable Interest Entities
(Dollars in Thousands)At September 30, 2021
Cash and cash equivalents$1,776 
Loans and leases117,544 
Allowance for credit losses(4,971)
Accrued interest receivable261 
Foreclosed real estate and repossessed assets, net258 
Other assets3,913 
Total assets118,781 
Accrued expenses and other liabilities1,876 
Noncontrolling interest1,155 
Net assets less noncontrolling assets$115,750 
v3.21.2
SIGNIFICANT EVENTS (Tables)
 12 Months Ended
Sep. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]  
Schedule of Active COVID-19 Related Modifications
As of the Period Ended
(Dollars in Thousands)September 30, 2021June 30, 2021March 31, 2021September 30, 2020
Term lending$1,619 $2,955 $5,460 $26,559 
Asset based lending— — — 7,924 
Factoring— — — 18,434 
Lease financing64 275 379 5,896 
Insurance premium finance— — — 230 
SBA/USDA— — — 7,724 
Other commercial finance— — — 69 
Commercial finance1,683 3,230 5,839 66,836 
Consumer credit products133 19 301 1,574 
Other consumer finance980 1,609 1,627 4,223 
Consumer finance1,113 1,628 1,928 5,797 
Community banking36,296 36,632 58,707 120,695 
Total loans and leases39,092 41,490 66,474 193,328 
Total COVID-19 related modifications$39,092 $41,490 $66,474 $193,328 
v3.21.2
SECURITIES (Tables)
 12 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale
The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale ("AFS") and held to maturity ("HTM") debt securities are presented below.
Debt Securities AFS
(Dollars in Thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At September 30, 2021
Corporate securities$25,000 $— $— $25,000 
SBA securities151,958 5,251 — 157,209 
Obligations of states and political subdivisions2,497 10 — 2,507 
Non-bank qualified obligations of states and political subdivisions266,048 3,347 (1,100)268,295 
Asset-backed securities393,103 3,003 (1,247)394,859 
Mortgage-backed securities1,016,478 9,728 (9,177)1,017,029 
Total debt securities AFS$1,855,084 $21,339 $(11,524)$1,864,899 
At September 30, 2020
SBA securities$159,722 $5,391 $(158)$164,955 
Obligations of states and political subdivisions825 16 — 841 
Non-bank qualified obligations of states and political subdivisions314,819 8,978 (23)323,774 
Asset-backed securities329,139 2,015 (6,229)324,925 
Mortgage-backed securities439,879 14,567 (839)453,607 
Total debt securities AFS$1,244,384 $30,967 $(7,249)$1,268,102 
Securities Held to Maturity
Debt Securities HTM
(Dollars in Thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$52,944 $103 $(471)$52,576 
Mortgage-backed securities3,725 90 — 3,815 
Total debt securities HTM$56,669 $193 $(471)$56,391 
At September 30, 2020
Non-bank qualified obligations of states and political subdivisions$87,183 $1,040 $(29)$88,194 
Mortgage-backed securities5,427 124 — 5,551 
Total debt securities HTM$92,610 $1,164 $(29)$93,745 
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, were as follows:

LESS THAN 12 MONTHSOVER 12 MONTHSTOTAL
(Dollars in Thousands)Fair
Value		Gross Unrealized (Losses)Fair
Value		Gross Unrealized (Losses)Fair
Value		Gross Unrealized (Losses)
Debt Securities AFS
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$101,046 $(1,100)$— $— $101,046 $(1,100)
Asset-backed securities127,110 (283)91,553 (964)218,663 (1,247)
Mortgage-backed securities759,035 (7,418)60,792 (1,759)819,827 (9,177)
Total debt securities AFS$987,191 $(8,801)$152,345 $(2,723)$1,139,536 $(11,524)
At September 30, 2020
SBA securities$32,257 $(102)$9,875 $(56)$42,132 $(158)
Non-bank qualified obligations of states and political subdivisions6,265 (6)3,103 (17)9,368 (23)
Asset-backed securities106,474 (1,089)178,686 (5,140)285,160 (6,229)
Mortgage-backed securities138,338 (839)— — 138,338 (839)
Total debt securities AFS$283,334 $(2,036)$191,664 $(5,213)$474,998 $(7,249)
Debt Securities HTM
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$26,096 $(471)$— $— $26,096 $(471)
Total debt securities HTM$26,096 $(471)$— $— $26,096 $(471)
At September 30, 2020
Non-bank qualified obligations of states and political subdivisions$7,397 $(9)$3,637 $(20)$11,034 $(29)
Total debt securities HTM$7,397 $(9)$3,637 $(20)$11,034 $(29)
Gross Unrealized Losses and Fair Value of Securities Held to Maturity in Continuous Unrealized Loss Position
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 MBS because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, MBS are not included in the maturity categories in the following maturity summary. The expected maturities of certain SBA securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.
At September 30,
(Dollars in Thousands)20212020
Securities AFS at Fair ValueAmortized CostFair
Value		Amortized CostFair
Value
Due in one year or less$810 $822 $1,385 $1,398 
Due after one year through five years13,026 13,378 20,805 21,769 
Due after five years through ten years50,785 52,357 32,441 34,025 
Due after ten years773,985 781,313 749,874 757,303 
838,606 847,870 804,505 814,495 
Mortgage-backed securities1,016,478 1,017,029 439,879 453,607 
Total securities AFS, at fair value$1,855,084 $1,864,899 $1,244,384 $1,268,102 

At September 30,
(Dollars in Thousands)20212020
Securities HTM at Fair ValueAmortized CostFair
Value		Amortized CostFair
Value
Due after ten years$52,944 $52,576 $87,183 $88,194 
52,944 52,576 87,183 88,194 
Mortgage-backed securities3,725 3,815 5,427 5,551 
Total securities HTM, at cost$56,669 $56,391 $92,610 $93,745 
Summary of Activities Related to Sale of Securities Available for Sale Activity related to the sale of securities available for sale is summarized below.
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Available For Sale
   Proceeds from sales$50,468 $4,904 $755,616 
   Gross gains on sales179 51 6,006 
   Gross losses on sales173 — 5,277 
 Net gain (loss) on securities AFS$6 $51 $729 
v3.21.2
LOANS AND LEASES, NET (Tables)
 12 Months Ended
Sep. 30, 2021
Loans and Leases Receivable Disclosure [Abstract]  
Year-end Loans Receivable
Loans and leases consist of the following:
At September 30,
(Dollars in Thousands)20212020
Term lending$961,019 $805,323 
Asset based lending300,225 182,419 
Factoring363,670 281,173 
Lease financing266,050 281,084 
Insurance premium finance428,867 337,940 
SBA/USDA247,756 318,387 
Other commercial finance157,908 101,658 
Commercial finance2,725,495 2,307,984 
Consumer credit products129,251 89,809 
Other consumer finance123,606 134,342 
Consumer finance252,857 224,151 
Tax services10,405 3,066 
Warehouse finance419,926 293,375 
Community banking199,132 485,564 
Total loans and leases3,607,815 3,314,140 
Net deferred loan origination costs1,748 8,625 
Total gross loans and leases3,609,563 3,322,765 
Allowance for credit losses(68,281)(56,188)
Total loans and leases, net$3,541,282 $3,266,577 
Schedule of Loans Purchased and Sold by Portfolio Segment
Loans purchased and sold by portfolio segment, including participation interests, were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Loans Purchased
Loans held for investment:
Commercial Finance— 2,400 
Warehouse Finance308,014 130,130 
Community banking3,318 18,905 
Total purchases311,332 151,435 
Loans Sold
Loans held for sale:
Commercial Finance89,276 60,114 
Consumer Finance494,585 123,394 
Community banking308,082 407,296 
Loans held for investment:
Community banking13,850 9,991 
Total sales905,793 600,795 
Sales-type Lease, Lease Income The net investment in direct financing and sales-type leases was comprised of the following:
At September 30,
(Dollars in Thousands)20212020
Carrying amount$278,341 $299,487 
Unguaranteed residual assets14,393 17,203 
Unamortized initial direct costs490 2,078 
Unearned income(26,684)(35,606)
Total net investment in direct financing and sales-type leases$266,540 $283,162 
Operating Lease, Lease Income
The components of total lease income were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Interest income - loans and leases
Interest income on net investments in direct financing and sales-type leases$22,876 $18,300 
Leasing and equipment finance noninterest income
Lease income from operating lease payments39,553 44,319 
Profit (loss) recorded on commencement date on sales-type leases337 2,152 
Other(1)
4,986 4,357 
Total leasing and equipment finance noninterest income44,876 50,828 
Total lease income$67,752 $69,128 
(1) Other leasing and equipment finance noninterest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases.
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$109,680 
202383,438 
202451,901 
202524,838 
20265,941 
Thereafter2,543 
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases278,341 
Total carrying amount of direct financing and sales-type leases$278,341 
Annual Activity in Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans
Activity in the allowance for credit losses was as follows: 
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Beginning balance$56,188 $29,149 $13,040 
Impact of CECL adoption12,773 — — 
Provision for credit losses49,939 64,776 55,650 
Charge-offs(57,273)(41,761)(42,854)
Recoveries6,654 4,024 3,313 
Ending balance$68,281 $56,188 $29,149 
Activity in the allowance for credit losses and balances of loans and leases by portfolio segment was as follows:
At September 30, 2021
(Dollars in Thousands)Beginning BalanceImpact of CECL Adoption
Provision (Recovery) for Credit Losses(2)
Charge-offsRecoveriesEnding Balance
Allowance for credits losses:
Term lending$15,211 $9,999 $16,944 $(14,090)$1,287 $29,351 
Asset based lending1,406 164 933 (1,200)423 1,726 
Factoring3,027 987 (1,192)— 1,175 3,997 
Lease financing7,023 (556)3,758 (2,969)373 7,629 
Insurance premium finance2,129 (965)(555)(1,192)1,977 1,394 
SBA/USDA940 2,720 (703)— 21 2,978 
Other commercial finance182 364 622 — — 1,168 
Commercial finance29,918 12,713 19,807 (19,451)5,256 48,243 
Consumer credit products845 — 397 — — 1,242 
Other consumer finance2,821 5,998 297 (3,324)320 6,112 
Consumer finance3,666 5,998 694 (3,324)320 7,354 
Tax services2 — 33,276 (34,354)1,078 2 
Warehouse finance294 (1)127 — — 420 
Community banking22,308 (5,937)(3,965)(144)— 12,262 
Total loans and leases56,188 12,773 49,939 (57,273)6,654 68,281 
Unfunded commitments(1)
32 831 (173)— — 690 
Total $56,220 $13,604 $49,766 $(57,273)$6,654 $68,971 
(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.
(2) As a result of the adoption of CECL, effective October 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.

Activity in the allowance for loan and lease losses and balances of loans and leases by portfolio segment was as follows:
At September 30, 2020
(Dollars in Thousands)Beginning BalanceProvision (Recovery) for Loan and Lease LossesCharge-offsRecoveriesEnding Balance
Allowance for loan and lease losses:
Term lending$5,533 $19,796 $(10,458)$340 $15,211 
Asset based lending2,437 (1,036)(42)47 1,406 
Factoring3,261 (245)(915)926 3,027 
Lease financing1,275 6,105 (728)371 7,023 
Insurance premium finance1,024 2,489 (2,004)620 2,129 
SBA/USDA383 2,688 (2,131)— 940 
Other commercial finance683 (501)— — 182 
Commercial finance14,596 29,296 (16,278)2,304 29,918 
Consumer credit products1,044 (199)— — 845 
Other consumer finance5,118 (538)(2,649)890 2,821 
Consumer finance6,162 (737)(2,649)890 3,666 
Tax services— 22,006 (22,834)830 2 
Warehouse finance263 31 — — 294 
Community banking8,128 14,180 — — 22,308 
Total loans and leases$29,149 $64,776 $(41,761)$4,024 $56,188 
The following table provides additional disclosures previously required by ASC Topic 310 related to the Company's September 30, 2020 balances.
AllowanceLoans and Leases
(Dollars in Thousands)Ending Balance: Individually Evaluated for ImpairmentEnding Balance: Collectively Evaluated for ImpairmentTotalEnding Balance: Individually Evaluated for ImpairmentEnding Balance: Collectively Evaluated for ImpairmentTotal
Recorded investment:
Term lending$3,155 $12,056 $15,211 $26,085 $779,238 $805,323 
Asset based lending355 1,051 1,406 5,317 177,102 182,419 
Factoring274 2,753 3,027 5,071 276,102 281,173 
Lease financing1,194 5,829 7,023 4,697 276,387 281,084 
Insurance premium finance— 2,129 2,129 — 337,940 337,940 
SBA/USDA— 940 940 1,436 316,951 318,387 
Other commercial finance— 182 182 — 101,658 101,658 
Commercial finance4,978 24,940 29,918 42,606 2,265,378 2,307,984 
Consumer credit products— 845 845 — 89,809 89,809 
Other consumer finance— 2,821 2,821 1,987 132,355 134,342 
Consumer finance— 3,666 3,666 1,987 222,164 224,151 
Tax services— 2 2 — 3,066 3,066 
Warehouse finance— 294 294 — 293,375 293,375 
Community banking141 22,167 22,308 6,685 478,879 485,564 
Total$5,119 $51,069 $56,188 $51,278 $3,262,862 $3,314,140 
Impaired Loans
Information on loans and leases that are deemed to be collateral dependent and are evaluated individually for the ACL was as follows:

(Dollars in Thousands)At September 30, 2021
Term lending$20,965 
Factoring1,268 
Lease financing3,882 
Commercial finance26,115 
Community banking14,915 
Total$41,030 
Information on impaired loans and leases, all of which are deemed to be collateral dependent and are evaluated individually for the ACL was as follows:

(Dollars in Thousands)Fiscal Year Ended September 30, 2021
Term lending$20,965 
Factoring1,268 
Lease financing3,882 
Commercial finance26,115 
Other consumer finance2,294 
Consumer finance2,294 
Community banking14,915 
Total loans and leases$43,324 

The recognized interest income on the Company's nonaccrual loans and leases for the fiscal year ended September 30, 2021 was not significant.

The following table provides the average recorded investment in impaired loans and leases:

Fiscal Year Ended September 30, 2020
(Dollars in Thousands)Average
Recorded
Investment		Recognized Interest Income
Term lending$26,126 $386 
Asset based lending1,339 — 
Factoring4,075 13 
Lease financing3,370 16 
SBA/USDA3,164 — 
Commercial finance38,074 415 
Other consumer finance1,860 143 
Consumer finance1,860 143 
Community banking3,529 (37)
Total loans and leases$43,463 $521 
Asset Classification of Loans The amortized cost basis of loans and leases by asset classification and year of origination as of September 30, 2021 was as follows:
Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotal
(Dollars in Thousands)20212020201920182017Prior
Term lending
Pass$362,443 $192,305 $63,708 $34,381 $3,195 $1,236 $— $657,268 
Watch63,046 71,701 32,941 21,419 76 3,628 — 192,811 
Special Mention6,422 26,673 4,821 932 70 633 — 39,551 
Substandard18,569 16,810 26,920 3,529 928 641 — 67,397 
Doubtful252 1,673 1,756 311 — — — 3,992 
Total450,732 309,162 130,146 60,572 4,269 6,138 — 961,019 
Asset based lending
Pass— — — — — — 185,432 185,432 
Watch— — — — — — 52,072 52,072 
Special Mention— — — — — — 43,135 43,135 
Substandard— — — — — — 19,586 19,586 
Doubtful— — — — — — — — 
Total— — — — — — 300,225 300,225 
Factoring
Pass— — — — — — 294,124 294,124 
Watch— — — — — — 17,984 17,984 
Special Mention— — — — — — 33,035 33,035 
Substandard— — — — — — 18,527 18,527 
Total— — — — — — 363,670 363,670 
Lease financing
Pass54,434 73,629 17,153 7,511 1,857 203 — 154,787 
Watch22,061 20,455 9,274 2,739 1,454 — — 55,983 
Special Mention15,402 20,595 4,148 1,546 61 — — 41,752 
Substandard479 4,765 4,981 831 25 — — 11,081 
Doubtful— 6 2,402 38 — 2,447 
Total92,376 119,450 37,958 12,665 3,398 203 — 266,050 
Insurance premium finance
Pass428,131 144 9 — — — — 428,284 
Watch262 5 — — — — — 267 
Special Mention58 5 — — — — — 63 
Substandard68 107 — — — — — 175 
Doubtful58 20 — — — — — 78 
Total428,577 281 9 — — — — 428,867 
SBA/USDA
Pass110,122 37,006 14,461 12,760 6,525 3,779 — 184,653 
Watch— 20,431 1,996 1,670 1,394 298 — 25,789 
Special Mention— 8,333 214 3,348 177 919 — 12,991 
Substandard— 3,812 9,550 8,079 2,169 713 — 24,323 
Total110,122 69,582 26,221 25,857 10,265 5,709 — 247,756 
Other commercial finance
Pass56,957 642 5,786 6,075 3,345 60,965 — 133,770 
Watch— 17,404 3,409 451 — — — 21,264 
Substandard466 — — 273 837 1,299 — 2,875 
Total57,423 18,046 9,195 6,799 4,182 62,264 — 157,909 
Warehouse finance
Pass— — — — — — 419,926 419,926 
Total— — — — — — 419,926 419,926 
Community banking
Pass— — 4,159 — 5,683 472 — 10,314 
Watch— 10,134 — 10,854 6,133 — — 27,121 
Special Mention— — 35,916 — — — — 35,916 
Substandard— 119 49,449 50,626 13,933 6,110 — 120,237 
Doubtful— 122 — 5,422 — — — 5,544 
Total— 10,375 89,524 66,902 25,749 6,582 — 199,132 
Total Loans and Leases
Pass1,012,088 303,727 105,274 60,727 20,605 66,655 899,481 2,468,557 
Watch85,369 140,131 47,620 37,132 9,057 3,926 70,056 393,291 
Special Mention21,882 55,606 45,099 5,826 307 1,552 76,171 206,443 
Substandard19,584 25,613 90,900 63,338 17,891 8,762 38,113 264,201 
Doubtful310 1,822 4,158 5,770 1 — — 12,061 
Total$1,139,233 $526,899 $293,051 $172,793 $47,861 $80,895 $1,083,821 $3,344,553 

The recorded investment of loans and leases by asset classification was as follows:

(Dollars in Thousands)At September 30, 2020
Asset ClassificationPassWatchSpecial MentionSubstandardDoubtfulTotal
Term lending$725,101 $29,637 $24,501 $21,249 $4,835 $805,323 
Asset based lending102,013 62,512 12,577 5,317 — 182,419 
Factoring217,245 45,200 13,657 5,071 — 281,173 
Lease financing264,700 8,879 2,808 4,148 549 281,084 
Insurance premium finance336,364 284 222 701 369 337,940 
SBA/USDA308,549 8,328 74 1,436 — 318,387 
Other commercial finance100,727 931 — — — 101,658 
Commercial finance2,054,699 155,771 53,839 37,922 5,753 2,307,984 
Warehouse finance293,375 — — — — 293,375 
Community banking353,410 98,336 9,588 23,650 580 485,564 
Total loans and leases$2,701,484 $254,107 $63,427 $61,572 $6,333 $3,086,923 
Past Due Loans
Past due loans and leases were as follows:
At September 30, 2021
Accruing and Nonaccruing Loans and LeasesNonperforming Loans and Leases
(Dollars in Thousands)30-59 Days Past Due60-89 Days Past Due> 89 Days Past DueTotal Past DueCurrentTotal Loans and Leases Receivable> 89 Days Past Due and AccruingNonaccrual BalanceTotal
Loans held for sale$— $— $— $— $56,194 $56,194 $— $— $— 
Term lending11,879 2,703 5,452 20,034 940,985 961,019 2,558 14,904 17,462 
Asset based lending— — — — 300,225 300,225 — — — 
Factoring— — — — 363,670 363,670 — 1,268 1,268 
Lease financing4,909 3,336 8,401 16,646 249,404 266,050 8,345 3,158 11,503 
Insurance premium finance1,415 375 599 2,389 426,478 428,867 599 — 599 
SBA/USDA66 974 987 2,027 245,729 247,756 987 — 987 
Other commercial finance— — — — 157,908 157,908 — — — 
Commercial finance18,269 7,388 15,439 41,096 2,684,399 2,725,495 12,489 19,330 31,819 
Consumer credit products713 527 511 1,751 127,500 129,251 511 — 511 
Other consumer finance963 285 725 1,973 121,633 123,606 725 — 725 
Consumer finance1,676 812 1,236 3,724 249,133 252,857 1,236 — 1,236 
Tax services— — 7,962 7,962 2,443 10,405 7,962 — 7,962 
Warehouse finance— — — — 419,926 419,926 — — — 
Community banking— — — — 199,132 199,132 — 14,915 14,915 
Total loans and leases held for investment19,945 8,200 24,637 52,782 3,555,033 3,607,815 21,687 34,245 55,932 
Total loans and leases$19,945 $8,200 $24,637 $52,782 $3,611,227 $3,664,009 $21,687 $34,245 $55,932 

At September 30, 2020
Accruing and Nonaccruing Loans and LeasesNonperforming Loans and Leases
(Dollars in Thousands)30-59 Days Past Due60-89 Days Past Due> 89 Days Past DueTotal Past DueCurrentTotal Loans and Leases Receivable> 89 Days Past Due and AccruingNonaccrual BalanceTotal
Loans held for sale$— $— $— $— $183,577 $183,577 $— $— $— 
Term lending11,900 3,851 6,390 22,141 783,182 805,323 266 16,274 16,540 
Asset based lending17 — — 17 182,402 182,419 — — — 
Factoring— — — — 281,173 281,173 — 1,096 1,096 
Lease financing194 9,746 6,882 16,822 264,262 281,084 4,344 3,583 7,927 
Insurance premium finance1,227 748 2,364 4,339 333,601 337,940 2,364 — 2,364 
SBA/USDA— — 1,027 1,027 317,360 318,387 427 600 1,027 
Other commercial finance— — — — 101,658 101,658 — — — 
Commercial finance13,338 14,345 16,663 44,346 2,263,638 2,307,984 7,401 21,553 28,954 
Consumer credit products377 358 499 1,233 88,576 89,809 499 — 499 
Other consumer finance600 536 373 1,509 132,833 134,342 373 — 373 
Consumer finance977 894 872 2,743 221,408 224,151 872 — 872 
Tax services— — 1,743 1,743 1,323 3,066 1,743 — 1,743 
Warehouse finance— — — — 293,375 293,375 — — — 
Community banking905 114 2,449 3,468 482,096 485,564 50 2,399 2,449 
Total loans and leases held for investment15,220 15,353 21,727 52,300 3,261,840 3,314,140 10,066 23,952 34,018 
Total loans and leases$15,220 $15,353 $21,727 $52,300 $3,445,417 $3,497,717 $10,066 $23,952 $34,018 
Financing Receivable, Nonaccrual
Nonaccrual loans and leases by year of origination at September 30, 2021 were as follows:

Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotalNonaccrual with No ACL
(Dollars in Thousands)20212020201920182017Prior
Term lending$131 $3,812 $10,072 $756 $133 $— $— $14,904 $12,103 
Factoring— — — — — — 1,268 1,268 1,268 
Lease financing30 2,471 632 25 — — 3,158 541 
Commercial finance131 3,842 12,543 1,388 158 — 1,268 19,330 13,912 
Community Banking— 242 — 14,673 — — — 14,915 — 
Total nonaccrual loans and leases$131 $4,084 $12,543 $16,061 $158 $— $1,268 $34,245 $13,912 

Loans and leases that are 90 days or more delinquent and accruing by year of origination at September 30, 2021 were as follows:
Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotal
(Dollars in Thousands)20212020201920182017Prior
Term lending$2,546 $— $12 $— $— $— $— $2,558 
Lease financing429 7,558 224 99 31 4 — 8,345 
Insurance premium finance468 131 — — — — — 599 
SBA/USDA— 987 — — — — — 987 
Commercial finance3,443 8,676 236 99 31 4 — 12,489 
Consumer credit products206 77 224 3 — — — 510 
Other consumer finance— — — — — 725 — 725 
Consumer finance206 77 224 3 — 725 — 1,235 
Tax services7,962 — — — — — — 7,962 
Total 90 days or more delinquent and accruing$11,611 $8,753 $460 $102 $31 $729 $— $21,686 
v3.21.2
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Reconciliation of Net Income and Common Stock Share Amounts Used in Computation of Basic and Diluted EPS
A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share is presented below.
Fiscal Year Ended September 30,
(Dollars in Thousands, Except Per Share Data)202120202019
Basic income per common share:
Net income attributable to Meta Financial Group, Inc.$141,708 $104,720 $97,004 
Dividends and undistributed earnings allocated to participating securities(2,698)(2,414)(2,378)
Basic net earnings available to common stockholders139,010 102,306 94,626 
Undistributed earnings allocated to nonvested restricted stockholders2,575 2,249 2,187 
Reallocation of undistributed earnings to nonvested restricted stockholders(2,573)(2,249)(2,185)
Diluted net earnings available to common stockholders$139,012 $102,306 $94,628 
Total weighted-average basic common shares outstanding31,729,596 34,829,971 37,927,734 
Effect of dilutive securities(1)
Stock options— — 40,718 
Performance share units21,926 — — 
Total effect of dilutive securities21,926 — 40,718 
Total weighted-average diluted common shares outstanding31,751,522 34,829,971 37,968,452 
Net earnings per common share:
Basic earnings per common share$4.38 $2.94 $2.49 
Diluted earnings per common share(2)
$4.38 $2.94 $2.49 
(1) Represents the effect of the assumed exercise of stock options and vesting of performance share units and restricted stock, as applicable, utilizing the treasury stock method.
(2) Excluded from the computation of diluted earnings per share for the fiscal years ended September 30, 2021, 2020, and 2019, respectively, were 615,811, 821,738, and 953,185 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive.
v3.21.2
PREMISES, FURNITURE, AND EQUIPMENT, NET (Tables)
 12 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Summary of Year-End Premises and Equipment
Premises, furniture, and equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Land$1,354 $1,354 
Buildings21,196 20,170 
Furniture, fixtures, and equipment76,662 67,302 
99,212 88,826 
Less: accumulated depreciation and amortization(54,324)(47,218)
Net book value$44,888 $41,608 
Rental equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Computers and IT networking equipment$17,683 $15,926 
Motor vehicles and other87,396 52,913 
Office furniture and equipment48,828 74,197 
Solar panels and equipment125,457 118,808 
Total279,364 261,844 
Accumulated depreciation(67,825)(57,601)
Unamortized initial direct costs1,577 1,721 
Net book value$213,116 $205,964 
v3.21.2
RENTAL EQUIPMENT, NET (Tables)
 12 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Summary of Rental Equipment
Premises, furniture, and equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Land$1,354 $1,354 
Buildings21,196 20,170 
Furniture, fixtures, and equipment76,662 67,302 
99,212 88,826 
Less: accumulated depreciation and amortization(54,324)(47,218)
Net book value$44,888 $41,608 
Rental equipment consists of the following:
At September 30,
(Dollars in Thousands)20212020
Computers and IT networking equipment$17,683 $15,926 
Motor vehicles and other87,396 52,913 
Office furniture and equipment48,828 74,197 
Solar panels and equipment125,457 118,808 
Total279,364 261,844 
Accumulated depreciation(67,825)(57,601)
Unamortized initial direct costs1,577 1,721 
Net book value$213,116 $205,964 
Schedule of Operating Lease Payments Undiscounted future minimum lease payments expected to be received for operating leases at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$34,532 
202329,709 
202421,762 
202515,602 
20269,069 
Thereafter12,603 
Total undiscounted future minimum lease payments receivable for operating leases$123,277 
Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$4,687 
20234,180 
20244,152 
20254,027 
20263,195 
Thereafter21,732 
Total undiscounted future minimum lease payments 41,973 
Discount(5,423)
Total operating lease liabilities$36,550 
v3.21.2
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS (Tables)
 12 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Schedule of Foreclosed Real Estate and Repossessed Assets The following table provides an analysis of changes in foreclosed real estate and repossessed assets:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Balance, beginning of period$9,957 $29,494 
Additions1,659 9,983 
Reductions:
Write-downs591 568 
Sales8,952 23,992 
(Gain) loss on sale(4)4,960 
Total reductions9,539 29,520 
Balance, ending of period$2,077 $9,957 
v3.21.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
(Dollars in Thousands)
Trademark(1)
Non-Compete(2)
Customer Relationships(3)
All Others(4)
Total
Intangible Assets
At September 30, 2020$10,901 $422 $24,333 $6,036 $41,692 
Acquisitions during the period— — — 24 24 
Amortization during the period(1,078)(382)(6,465)(620)(8,545)
Write-offs during the period— — — (23)(23)
At September 30, 2021$9,823 $40 $17,868 $5,417 $33,148 
Gross carrying amount$14,624 $2,481 $82,088 $10,142 $109,335 
Accumulated amortization(4,801)(2,441)(53,972)(4,507)(65,721)
Accumulated impairment— — (10,248)(218)(10,466)
At September 30, 2021$9,823 $40 $17,868 $5,417 $33,148 
At September 30, 2019$11,959 $827 $33,207 $6,817 $52,810 
Acquisitions during the period— — — 35 35 
Amortization during the period(1,058)(405)(8,874)(660)(10,997)
Write-offs during the period— — — (156)(156)
At September 30, 2020$10,901 $422 $24,333 $6,036 $41,692 
Gross carrying amount$14,624 $2,480 $82,088 $10,113 $109,305 
Accumulated amortization(3,723)(2,058)(47,507)(3,887)(57,175)
Accumulated impairment— — (10,248)(190)(10,438)
At September 30, 2020$10,901 $422 $24,333 $6,036 $41,692 
(1) Book amortization period of 5-15 years.Amortized using the straight line and accelerated methods.
(2) Book amortization period of 3-5 years. Amortized using the straight line method.
(3) Book amortization period of 10-30 years. Amortized using the accelerated method.
(4) Book amortization period of 3-20 years. Amortized using the straight line method.
Anticipated Future Amortization of Intangibles
The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in the subsequent fiscal years at September 30, 2021 was as follows:
(Dollars in Thousands)
2022$6,420 
20235,102 
20244,384 
20253,826 
20263,252 
Thereafter10,164 
Total anticipated intangible amortization$33,148 
v3.21.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Schedule of Operating Lease Payments Undiscounted future minimum lease payments expected to be received for operating leases at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$34,532 
202329,709 
202421,762 
202515,602 
20269,069 
Thereafter12,603 
Total undiscounted future minimum lease payments receivable for operating leases$123,277 
Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at September 30, 2021 were as follows:
(Dollars in Thousands)
2022$4,687 
20234,180 
20244,152 
20254,027 
20263,195 
Thereafter21,732 
Total undiscounted future minimum lease payments 41,973 
Discount(5,423)
Total operating lease liabilities$36,550 
Lease Costs
The weighted-average discount rate and remaining lease term for operating leases at September 30, 2021 were as follows:
Weighted-average discount rate2.32 %
Weighted-average remaining lease term (years)10.85

The components of total lease costs for operating leases were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)20212020
Lease expense$4,310 $3,454 
Short-term and variable lease cost193 496 
ROU asset impairment224 — 
Sublease income(591)(733)
Total lease cost for operating leases$4,136 $3,217 
v3.21.2
TIME CERTIFICATES OF DEPOSIT (Tables)
 12 Months Ended
Sep. 30, 2021
Deposits [Abstract]  
Scheduled Maturities of Time Certificates of Deposits cheduled maturities of time certificates of deposit at September 30, 2021 were as follows for the fiscal years ending:
(Dollars in Thousands)
2022$31,148 
2023907 
2024445 
2025— 
2026— 
Thereafter— 
Total(1)
$32,500 
(1) As of September 30, 2021, the Company had $23.4 million of certificates of deposit which were recorded in wholesale deposits on the Consolidated Statements of Financial Condition.
v3.21.2
SHORT-TERM AND LONG-TERM BORROWINGS (Tables)
 12 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Repurchase Agreements An analysis of securities sold under agreements to repurchase follows:
At September 30,
(Dollars in Thousands)20212020
Highest month-end balance$— $2,550 
Average balance— 328 
Weighted average interest rate for the fiscal year— %2.00 %
Weighted average interest rate at fiscal year end— %— %
Schedule of Long-term Debt
Long-Term Borrowings
At September 30,
(Dollars in Thousands)20212020
Trust preferred securities13,661 13,661 
Subordinated debentures, net of issuance costs73,980 73,807 
Other long-term borrowings(1)
5,193 10,756 
Total$92,834 $98,224 
(1) Includes $5.1 million and $10.6 million of discounted leases and $0.1 million and $0.1 million of finance lease obligations at September 30, 2021 and 2020, respectively.
Scheduled maturities of FHLB advances
Scheduled maturities of the Company's long-term borrowings at September 30, 2021 were as follows for the fiscal years ending:
(Dollars in Thousands)Trust preferred securitiesSubordinated debenturesOther long-term borrowingsTotal
2022$— $— $398 $398 
2023— — 1,924 1,924 
2024— — 2,871 2,871 
2025— — — — 
2026— 73,980 — 73,980 
Thereafter13,661 — — 13,661 
Total long-term borrowings$13,661 $73,980 $5,193 $92,834 
v3.21.2
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS (Tables)
 12 Months Ended
Sep. 30, 2021
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]  
Year-End ESOP Shares
ESOP shares were as follows: 
At September 30,
(Dollars in Thousands)202120202019
Allocated shares787,299 809,116 778,088 
Unearned shares— — — 
Total ESOP shares787,299 809,116 778,088 
Fair value of unearned shares$— $— $— 
v3.21.2
STOCK COMPENSATION (Tables)
 12 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Activity of Options he following tables show the activity of options and share awards (including shares of restricted stock subject to vesting, fully-vested restricted stock, and PSUs) granted, exercised or forfeited under all of the Company’s option and incentive plans during the fiscal year ended September 30, 2021 and 2020.
There was no activity of options during the fiscal year ended September 30, 2021 and zero were outstanding or exercisable at September 30, 2021.
(Dollars in Thousands, Except Per Share Data)Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Yrs)Aggregate Intrinsic Value
Options outstanding, September 30, 201959,835 $8.06 1.54$1,469 
Granted— — — — 
Exercised(59,835)8.06 1.001,011 
Forfeited or expired— — — — 
Options outstanding, September 30, 2020— $— — $— 
Options exercisable, September 30, 2020— $— — $— 
Activity of Nonvested (Restricted) Shares
(Dollars in Thousands, Except Per Share Data)Number of SharesWeighted Average Fair Value at Grant
Nonvested shares outstanding, September 30, 2020790,083 $30.03 
Granted190,187 30.88 
Vested(329,409)30.32 
Forfeited or expired(103,798)29.66 
Nonvested shares outstanding, September 30, 2021547,063 $30.22 
Nonvested shares outstanding, September 30, 2019926,122 $29.54 
Granted191,372 32.32 
Vested(316,283)29.92 
Forfeited or expired(11,128)31.35 
Nonvested shares outstanding, September 30, 2020790,083 $30.03 
Activity of Performance Shares
(Dollars in Thousands, Except Per Share Data)Number of UnitsWeighted Average Fair Value at Grant
Performance share units outstanding, September 30, 2020— $— 
Granted(1)
60,984 34.03 
Vested— — 
Forfeited or expired— — 
Performance share units outstanding, September 30, 202160,984 $34.03 
(1) The number of performance share units (PSUs) granted reflects the target number of PSUs able to be earned under a given award.
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 compensation expense recorded:
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Total employee stock-based compensation expense recognized in income, net of tax effects of $1,562, $2,567, and $3,230, respectively
$5,290 $7,656 $9,716 
v3.21.2
INCOME TAXES (Tables)
 12 Months Ended
Sep. 30, 2021
Income Tax Disclosure [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 were as follows:
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Federal:
Current$6,402 $3,148 $5,278 
Deferred(3,909)(4,505)(14,831)
2,493 (1,357)(9,553)
State:   
Current5,938 4,860 5,649 
Deferred2,270 2,158 530 
8,208 7,018 6,179 
Income tax expense (benefit)$10,701 $5,661 $(3,374)
Components of Net Deferred Tax Asset (Liability)
The tax effects of the Company's temporary differences that give rise to significant portions of its deferred tax assets and liabilities were:
At September 30,
(Dollars in Thousands)20212020
Deferred tax assets:
Bad debts$15,946 $13,968 
Deferred compensation3,733 1,288 
Stock based compensation3,314 4,073 
Valuation adjustments4,111 5,343 
General business credits(1)
49,196 37,888 
Accrued expenses2,780 2,155 
Lease liability9,206 6,798 
Other assets4,253 3,215 
 92,539 74,728 
Deferred tax liabilities:  
Premises and equipment(3,328)(2,852)
Intangibles(3,032)(2,114)
Net unrealized gains on securities available for sale(2,471)(5,964)
Leased assets(46,355)(35,279)
Right-of-use assets(8,877)(6,550)
Other liabilities(3,303)(4,246)
(67,366)(57,005)
Net deferred tax assets$25,173 $17,723 
(1) The general business credits are investment tax credits generated from qualified solar energy property placed in service during the fiscal years ended September 30, 2021 and 2020. These credits expire on September 30, 2041 and 2040, respectively.
Reconciliation of Total Income Tax Expense The Company's effective tax rate is calculated by dividing income tax expense by income before income tax expense.
Fiscal Year Ended September 30,
202120202019
(Dollars in Thousands)AmountRateAmountRateAmountRate
Statutory federal income tax expense and rate$32,854 21.0 %$24,151 21.0 %$20,568 21.0 %
Change in tax rate resulting from:
State income taxes net of federal benefits6,452 4.1 %5,444 4.7 %5,000 5.1 %
162(m) disallowance686 0.4 %1,129 1.0 %2,777 2.8 %
Tax exempt income(835)(0.5)%(1,212)(1.0)%(2,714)(2.8)%
General business credits(26,945)(17.2)%(22,284)(19.4)%(27,126)(27.7)%
Other, net(1,511)(1.0)%(1,567)(1.4)%(1,879)(1.8)%
Income tax expense (benefit)$10,701 6.8 %$5,661 4.9 %$(3,374)(3.4)%
Reconciliation of Liabilities Associated with Unrecognized Tax Benefits
A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits follows:
 
At September 30,
(Dollars in Thousands)20212020
Balance at beginning of fiscal year$1,091 $368 
Additions (reductions) for tax positions related to prior years(314)723 
Balance at end of fiscal year$777 $1,091 
v3.21.2
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS (Tables)
 12 Months Ended
Sep. 30, 2021
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS [Abstract]  
Bank's Actual and Required Capital Amount and Ratios
The tables below include 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.
 CompanyBankMinimum
to be Adequately Capitalized Under Prompt Corrective Action Provisions		Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
At September 30, 2021
Tier 1 leverage capital ratio7.67 %8.69 %4.00 %5.00 %
Common equity Tier 1 capital ratio12.12 14.11 4.50 6.50 
Tier 1 capital ratio12.46 14.13 6.00 8.00 
Total capital ratio15.45 15.38 8.00 10.00 
At September 30, 2020    
Tier 1 leverage capital ratio6.58 %7.56 %4.00 %5.00 %
Common equity Tier 1 capital ratio11.78 13.96 4.50 6.50 
Tier 1 capital ratio12.18 14.00 6.00 8.00 
Total capital ratio15.30 15.26 8.00 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.
(Dollars in Thousands)
Standardized Approach(1)
September 30, 2021
Total stockholders' equity$871,884 
Adjustments:
LESS: Goodwill, net of associated deferred tax liabilities300,780 
LESS: Certain other intangible assets33,572 
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards22,801 
LESS: Net unrealized gains (losses) on available for sale securities7,344 
LESS: Noncontrolling interest1,155 
ADD: Adoption of Accounting Standards Update 2016-138,202 
Common Equity Tier 1(1)
514,434 
Long-term borrowings and other instruments qualifying as Tier 113,661 
Tier 1 minority interest not included in common equity Tier 1 capital747 
Total Tier 1 capital528,842 
Allowance for credit losses53,159 
Subordinated debentures (net of issuance costs)73,980 
Total capital$655,981 
(1) Capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015. Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum common equity tier 1 capital ratio; those changes are being fully phased in through the end of 2021.
Reconciliation of Tangible Common Equity
The following table provides a reconciliation of tangible common equity and tangible common equity excluding AOCI, each of which is used in calculating tangible book value data, to total stockholders equity. Each of tangible common equity and tangible common equity excluding AOCI is a non-GAAP financial measure that is commonly used within the banking industry.
(Dollars in Thousands)At September 30, 2021
Total stockholders' equity$871,884 
LESS: Goodwill309,505 
LESS: Intangible assets33,148 
Tangible common equity529,231 
LESS: AOCI7,599 
Tangible common equity excluding AOCI$521,632 
v3.21.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 12 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Major Customers by Reporting Segments For additional descriptions of the Company’s operating segments, including additional financial information and the underlying management accounting process, see Note 21. Segment Reporting to the Consolidated Financial Statements.
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherConsolidated Company
Fiscal Year Ended September 30,20212020202120202021202020212020
Net interest income(1)
$92,133 $93,245 $173,325 $150,766 $13,533 $15,027 $278,991 $259,038 
Noninterest income:
Refund transfer product fees37,967 36,061 — — — — 37,967 36,061 
Tax advance product fees(1)
47,639 31,826 — — — — 47,639 31,826 
Payment card and deposit fees107,182 87,379 — — — — 107,182 87,379 
Other bank and deposit fees— — 917 984 22 326 939 1,310 
Rental income(1)
18 19 39,398 43,493 — 1,314 39,416 44,826 
Net gain realized on investment securities(1)
— — — — 6 51 6 51 
Gain on divestitures(1)
— — — — — 19,275 — 19,275 
Gain (loss) on sale of other(1)
— (19)12,622 9,587 (1,107)(5,143)11,515 4,425 
Other income(1)
2,902 3,018 8,876 6,087 14,462 5,536 26,240 14,641 
Total noninterest income195,708 158,284 61,813 60,151 13,383 21,359 270,904 239,794 
Revenue$287,841 $251,529 $235,138 $210,917 $26,916 $36,386 $549,895 $498,832 
(1) These revenues are not within the scope of Topic 606. Additional details are included in other footnotes to the accompanying financial statements. The scope of Topic 606 explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, and securities.
v3.21.2
SEGMENT REPORTING (Tables)
 12 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information of Entity
The following tables present segment data for the Company:
Fiscal Year Ended September 30, 2021
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherTotal
Net interest income$92,133 $173,325 $13,533 $278,991 
Provision (recovery) for credit losses35,765 19,791 (5,790)49,766 
Noninterest income195,708 61,813 13,383 270,904 
Noninterest expense90,800 114,917 137,966 343,683 
Income (loss) before income tax expense161,276 100,430 (105,260)156,446 
Total assets372,115 3,191,215 3,127,320 6,690,650 
Total goodwill87,145 222,360 — 309,505 
Total deposits5,342,192 6,625 166,154 5,514,971 

Fiscal Year Ended September 30, 2020
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherTotal
Net interest income$93,245 $150,766 $15,027 $259,038 
Provision for loan and lease losses21,807 29,296 13,673 64,776 
Noninterest income158,284 60,151 21,359 239,794 
Noninterest expense76,521 107,802 134,728 319,051 
Income (loss) before income tax expense153,201 73,819 (112,015)115,005 
Total assets294,937 2,836,149 2,960,988 6,092,074 
Total goodwill87,145 222,360 — 309,505 
Total deposits4,555,999 6,226 416,975 4,979,200 
Fiscal Year Ended September 30, 2019
(Dollars in Thousands)ConsumerCommercialCorporate Services/OtherTotal
Net interest income$69,131 $152,565 $42,511 $264,207 
Provision for loan and lease losses25,138 21,901 8,611 55,650 
Noninterest income162,212 54,224 6,109 222,545 
Noninterest expense76,931 127,033 129,196 333,160 
Income (loss) before income tax expense (benefit)129,274 57,855 (89,187)97,942 
Total assets436,985 2,432,381 3,313,524 6,182,890 
Total goodwill87,145 222,360 — 309,505 
Total deposits2,444,452 5,588 1,886,965 4,337,005 
v3.21.2
PARENT COMPANY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]  
Condensed Statements of Financial Condition
Condensed Statements of Financial Condition
(Dollars in Thousands)September 30, 2021September 30, 2020
ASSETS
Cash and cash equivalents$3,296 $4,783 
Investment securities held to maturity, at cost4,623 1,208 
Investment in subsidiaries956,584 933,431 
Other assets278 3,308 
Total assets$964,781 $942,730 
LIABILITIES AND STOCKHOLDERS' EQUITY  
LIABILITIES  
Subordinated debentures$87,641 $87,468 
Other liabilities5,256 7,954 
Total liabilities92,897 95,422 
STOCKHOLDERS' EQUITY  
Common stock317 344 
Additional paid-in capital604,484 594,569 
Retained earnings259,189 234,927 
Accumulated other comprehensive income (loss)7,599 17,542 
Treasury stock, at cost(860)(3,677)
Total equity attributable to parent870,729 843,705 
Non-controlling interest1,155 3,603 
Total stockholders' equity871,884 847,308 
Total liabilities and stockholders' equity$964,781 $942,730 
Condensed Statements of Operations
Condensed Statements of Operations
Fiscal Years Ended September 30,
(Dollars in Thousands)202120202019
Interest expense$4,915 $5,168 $5,296 
Other expense1,287 1,256 1,044 
Total expense6,202 6,424 6,340 
Loss before income taxes and equity in undistributed net income of subsidiaries(6,202)(6,424)(6,340)
Income tax benefit395 (3,638)(1,374)
Loss before equity in undistributed net income of subsidiaries(6,597)(2,786)(4,966)
Equity in undistributed net income of subsidiaries147,895 107,476 101,970 
Other Income410 30 — 
Total Income148,305 107,506 101,970 
Net income attributable to parent$141,708 $104,720 $97,004 
Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
Fiscal Year Ended September 30,
(Dollars in Thousands)202120202019
Cash flows from operating activities:
Net income attributable to parent$141,708 $104,720 $97,004 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net 173 163 153 
Equity in undistributed net income of subsidiaries(147,895)(107,476)(101,970)
Stock compensation6,852 10,221 12,942 
Net change:
Other assets3,030 (3,149)(35)
Accrued expenses and other liabilities(2,698)(2,660)(6,468)
Cash dividend received104,000 118,000 33,980 
Net cash provided by operating activities105,170 119,819 35,606 
Cash flows from investing activities:
Alternative investments(3,415)(797)— 
Net cash (used in) investing activities(3,415)(797)— 
Cash flows from financing activities:
Cash dividends paid(6,400)(7,100)(7,760)
Payments:
Purchase of shares by ESOP3,036 3,220 2,011 
Proceeds from:
Exercise of stock options and issuance of common stock— 266 44 
Issuance of restricted stock— 2 3 
Net increase in investment in subsidiaries— — (90)
Shares repurchased for tax withholding on stock compensation(99,878)(118,738)(49,912)
Net cash (used in) financing activities(103,242)(122,350)(55,704)
Net change in cash and cash equivalents(1,487)(3,328)(20,098)
Cash and cash equivalents at beginning of fiscal year4,783 8,111 28,209 
Cash and cash equivalents at end of fiscal year$3,296 $4,783 $8,111 
v3.21.2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
 12 Months Ended
Sep. 30, 2021
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
 Quarter Ended
(Dollars in Thousands, Except Per Share Data)December 31March 31June 30September 30
Fiscal Year 2021
Interest and dividend income$68,146 $75,669 $69,983 $72,056 
Interest expense2,147 1,819 1,508 1,389 
Net interest income65,999 73,850 68,475 70,667 
Provision for credit losses6,089 30,290 4,612 8,775 
Noninterest income45,455 113,453 62,453 49,542 
Net income attributable to parent28,037 59,066 38,701 15,903 
Earnings per common share    
Basic$0.84 $1.84 $1.21 $0.50 
Diluted0.84 1.84 1.21 0.50 
Dividend declared per share0.05 0.05 0.05 0.05 
Fiscal Year 2020    
Interest and dividend income$77,625 $79,403 $67,406 $68,407 
Interest expense12,974 11,666 5,269 3,894 
Net interest income64,651 67,737 62,137 64,513 
Provision for loan and lease losses3,407 37,296 15,093 8,980 
Noninterest income37,483 120,513 41,048 40,750 
Net income attributable to parent21,068 52,304 18,190 13,158 
Earnings per common share    
Basic$0.56 $1.45 $0.53 $0.38 
Diluted0.56 1.45 0.53 0.38 
Dividend declared per share0.05 0.05 0.05 0.05 
Fiscal Year 2019    
Interest and dividend income$74,976 $88,294 $81,632 $80,828 
Interest expense14,704 16,944 14,664 15,211 
Net interest income60,272 71,350 66,968 65,617 
Provision for loan and lease losses9,099 33,318 9,112 4,121 
Noninterest income37,751 105,025 43,790 35,980 
Net income attributable to parent15,398 32,120 29,291 20,195 
Earnings per common share    
Basic$0.39 $0.81 $0.75 $0.53 
Diluted0.39 0.81 0.75 0.53 
Dividend declared per share0.05 0.05 0.05 0.05 
v3.21.2
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Summary of Fair Values of Securities Available for Sale and Held to Maturity
The following table summarizes the fair values of debt securities available for sale and equity securities as they are measured at fair value on a recurring basis.
 Fair Value At September 30, 2021
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Debt securities AFS
Corporate securities$25,000 $— $25,000 — 
SBA securities157,209 — 157,209 — 
Obligations of states and political subdivisions2,507 — 2,507 — 
Non-bank qualified obligations of states and political subdivisions268,295 — 268,295 — 
Asset-backed securities394,859 — 394,859 — 
Mortgage-backed securities1,017,029 — 1,017,029 — 
Total debt securities AFS$1,864,899 $— $1,864,899 $— 
Common equities and mutual funds(1)
$12,668 $12,668 $— $— 
Non-marketable equity securities(2)
$4,560 $— $— $— 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2021.
(2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

 Fair Value At September 30, 2020
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Debt securities AFS
SBA securities$164,955 $— $164,955 $— 
Obligations of states and political subdivisions841 — 841 — 
Non-bank qualified obligations of states and political subdivisions323,774 — 323,774 — 
Asset-backed securities324,925 — 324,925 — 
Mortgage-backed securities453,607 — 453,607 — 
Total debt securities AFS$1,268,102 $— $1,268,102 $— 
Common equities and mutual funds(1)
$2,969 $2,969 $— $— 
Non-marketable equity securities(2)
$2,784 $— $— $— 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2020.
(2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
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:
 Fair Value At September 30, 2021
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance$3,404 $— $— $3,404 
Community Banking9,371 — — 9,371 
    Total loans and leases, net individually evaluated
    for credit loss		12,775 — — 12,775 
Foreclosed assets, net2,077 — — 2,077 
Total$14,852 $— $— $14,852 

 Fair Value At September 30, 2020
(Dollars in Thousands)TotalLevel 1Level 2Level 3
Impaired loans and leases, net
Commercial finance$9,240 $— $— $9,240 
Community Banking20 — — 20 
    Total impaired loans and leases, net9,260 — — 9,260 
Foreclosed assets, net9,957 — — 9,957 
Total$19,217 $— $— $19,217 
Quantitative Information about Level 3 Fair Value Measurements
Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands)Fair Value at September 30, 2021Fair Value at September 30, 2020Valuation
Technique		Unobservable InputRange of Inputs
Loans and leases, net individually evaluated for credit loss$12,775 9,260 Market approach
Appraised values(1)
4% - 90%
Foreclosed assets, net$2,077 9,957 Market approach
Appraised values(1)
4% - 30%
(1) The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs and other inputs in a range of 4% to 90%.
Carrying Amount and Estimated Fair Value of Financial Instruments
The following tables present the carrying amount and estimated fair value of the financial instruments held by the Company:

 At September 30, 2021
(Dollars in Thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets
Cash and cash equivalents$314,019 $314,019 $314,019 $— $— 
Debt securities available for sale1,864,899 1,864,899 — 1,864,899 — 
Debt securities held to maturity56,669 56,391 — 56,391 — 
Common equities and mutual funds(1)
12,668 12,668 12,668 — — 
Non-marketable equity securities(1)(2)
17,509 17,509 — 12,949 — 
Loans held for sale56,194 56,194 — 56,194 — 
Loans and leases3,607,815 3,616,646 — — 3,616,646 
Federal Reserve Bank and Federal Home Loan Bank stocks28,400 28,400 — 28,400 — 
Accrued interest receivable16,254 16,254 16,254 — — 
Financial liabilities
Deposits5,514,971 5,515,035 5,482,471 32,564 — 
Other short- and long-term borrowings92,834 93,938 — 93,938 — 
Accrued interest payable579 579 579 — — 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2021.
(2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

 At September 30, 2020
(Dollars in Thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets
Cash and cash equivalents$427,367 $427,367 $427,367 $— $— 
Debt securities available for sale1,268,102 1,268,102 — 1,268,102 — 
Debt securities held to maturity92,610 93,745 — 93,745 — 
Common equities and mutual funds(1)
2,969 2,969 2,969 — — 
Non-marketable equity securities(1)(2)
14,784 14,784 — 12,000 — 
Loans held for sale183,577 183,577 — 183,577 — 
Loans and leases3,314,140 3,307,037 — — 3,307,037 
Federal Reserve Bank and Federal Home Loan Bank stocks27,138 27,138 — 27,138 — 
Accrued interest receivable16,628 16,628 16,628 — — 
Financial liabilities
Deposits4,979,200 4,980,073 4,705,028 275,045 — 
Other short- and long-term borrowings98,224 100,185 — 100,185 — 
Accrued interest payable1,923 1,923 1,923 — — 
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2020.
(2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
 12 Months Ended
Sep. 30, 2021
USD ($)
joint_venture
segment
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Oct. 01, 2020
USD ($)
Sep. 30, 2018
USD ($)
Investment Holdings [Line Items]          
Number of joint venture LLC's | joint_venture 5        
Joint venture ownership interest in each of the joint ventures (as a percentage) 80.00%        
Number of reporting segments | segment 3        
Terms of FHLB advances 90 days        
Reserve balances in cash or on deposit with FRB (Federal Reserve Bank) $ 0 $ 0      
Impairment 0 0 $ 0    
Total stockholders' equity 871,884,000 847,308,000 843,958,000   $ 747,726,000
Loans outstanding with individuals 0 0      
Allowance for credit losses 68,281,000 56,188,000 29,149,000   13,040,000
SECURITIES          
Other-than-temporary impairment recorded 0        
Equity Investments          
Impairment loss 2,600,000        
Net income before noncontrolling interest 145,745,000 109,344,000 101,316,000    
Transfers          
Aggregate unpaid balance of loans serviced for others 307,300,000 232,300,000      
Unfunded Loan Commitment          
Investment Holdings [Line Items]          
Allowance for credit losses 690,000 32,000      
Equity Method Investment, Nonconsolidated Investee          
Equity Investments          
Net income before noncontrolling interest 300,000        
Adjustment          
Investment Holdings [Line Items]          
Allowance for credit losses   12,773,000 0 $ 12,800,000 0
Adjustment | Unfunded Loan Commitment          
Investment Holdings [Line Items]          
Allowance for credit losses   831,000      
FRB          
Investment Holdings [Line Items]          
Interest bearing deposits 184,700,000        
FHLB          
Investment Holdings [Line Items]          
Interest bearing deposits $ 2,300,000        
Minimum          
Equity Investments          
Equity method investment, ownership percentage 5.00%        
Maximum          
Equity Investments          
Equity method investment, ownership percentage 25.00%        
Other Assets          
Equity Investments          
Equity method investments $ 3,100,000 11,000,000      
Other Assets | Accounting Standards Update 2016-01          
Equity Investments          
Impairment loss   1,300,000      
Alternative investment 12,900,000 12,000,000      
Alternative investment, fair value increase (decrease) 8,000,000 0      
Fair Value Measured at Net Asset Value Per Share | Other Assets          
Equity Investments          
Equity method investments 4,600,000 2,800,000      
Retained Earnings          
Investment Holdings [Line Items]          
Total stockholders' equity 259,189,000 234,927,000 252,813,000   213,048,000
Equity Investments          
Net income before noncontrolling interest 141,708,000 104,720,000 97,004,000    
Retained Earnings | Adjustment          
Investment Holdings [Line Items]          
Total stockholders' equity   (8,400,000)      
Retained Earnings | Accounting Standards Update 2016-01 | Adjustment          
Investment Holdings [Line Items]          
Total stockholders' equity         475,000
Non-controlling interest          
Investment Holdings [Line Items]          
Total stockholders' equity 1,155,000 3,603,000 4,047,000   $ 3,574,000
Equity Investments          
Net income before noncontrolling interest $ 4,037,000 4,624,000 $ 4,312,000    
Non-controlling interest | Adjustment          
Investment Holdings [Line Items]          
Total stockholders' equity   $ (2,500,000)      
First Midwest Financial Capital Trust I          
Investment Holdings [Line Items]          
Percentage of interest in subsidiary 100.00%        
Buildings          
Property, Plant and Equipment [Line Items]          
Premises, furniture and equipment, estimated useful lives 39 years        
Leasehold Improvements | Minimum          
Property, Plant and Equipment [Line Items]          
Premises, furniture and equipment, estimated useful lives 2 years        
Leasehold Improvements | Maximum          
Property, Plant and Equipment [Line Items]          
Premises, furniture and equipment, estimated useful lives 15 years        
v3.21.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Assets of VIE's (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Variable Interest Entity [Line Items]        
Cash and cash equivalents $ 314,019 $ 427,367    
Loans and leases 3,609,563 3,322,765    
Allowance for credit losses (68,281) (56,188) $ (29,149) $ (13,040)
Accrued interest receivable 16,254 16,628    
Foreclosed real estate and repossessed assets, net 2,077 9,957    
Other assets 79,764 82,983    
Total assets 6,690,650 6,092,074 $ 6,182,890  
Accrued expenses and other liabilities 210,382 165,419    
Noncontrolling interest 1,155 3,603    
Net assets less noncontrolling assets 870,729 $ 843,705    
Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 1,776      
Loans and leases 117,544      
Allowance for credit losses (4,971)      
Accrued interest receivable 261      
Foreclosed real estate and repossessed assets, net 258      
Other assets 3,913      
Total assets 118,781      
Accrued expenses and other liabilities 1,876      
Noncontrolling interest 1,155      
Net assets less noncontrolling assets $ 115,750      
v3.21.2
SIGNIFICANT EVENTS (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Sep. 30, 2019
Loss Contingencies [Line Items]          
Loans and leases $ 3,609,563     $ 3,322,765  
Total assets 6,690,650     6,092,074 $ 6,182,890
COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 39,092 $ 41,490 $ 66,474 193,328  
Total assets 39,092 41,490 66,474 193,328  
Consumer finance          
Loss Contingencies [Line Items]          
Loans and leases 252,900     224,200  
National Lending | Term lending | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 1,619 2,955 5,460 26,559  
National Lending | Asset based lending | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 0 0 0 7,924  
National Lending | Factoring | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 0 0 0 18,434  
National Lending | Lease financing | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 64 275 379 5,896  
National Lending | Insurance premium finance | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 0 0 0 230  
National Lending | SBA/USDA | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 0 0 0 7,724  
National Lending | Other commercial finance | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 0 0 0 69  
National Lending | Commercial finance | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 1,683 3,230 5,839 66,836  
National Lending | Consumer credit products | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 133 19 301 1,574  
National Lending | Other consumer finance | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 980 1,609 1,627 4,223  
National Lending | Consumer finance | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases 1,113 1,628 1,928 5,797  
Community Banking | COVID-19 Related Modifications          
Loss Contingencies [Line Items]          
Loans and leases $ 36,296 $ 36,632 $ 58,707 $ 120,695  
v3.21.2
DIVESTITURES (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Feb. 29, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Loans held for sale $ 56,194,000 $ 183,577,000  
Community Bank      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Deposit liabilities     $ 290,500,000
Loans     268,600,000
Premises, furniture, and equipment     4,900,000
Other assets     $ 1,300,000
Non-recurring income 19,300,000    
Servicing fee expense 3,300,000 3,500,000  
Additional loans sold 308,100,000 $ 135,000,000  
Loans held for sale $ 0    
v3.21.2
SECURITIES - Narrative (Details)
 12 Months Ended 41 Months Ended
Sep. 30, 2021
USD ($)
security
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2021
USD ($)
security
Debt Securities, Available-for-sale [Line Items]        
Number of securities in an unrealized loss position | security 67     67
Securities pledged as collateral for public funds on deposit $ 0 $ 0   $ 0
Securities pledged as collateral for individual, trust, and estate deposits 0 0   0
Equity securities without readily determinable fair value, amount 16,000,000 23,000,000   16,000,000
Federal reserve bank stock 19,700,000 19,700,000   19,700,000
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 8,700,000 7,500,000   8,700,000
Pledged securities against specific FHLB advances, fair value 644,700,000 673,800,000   644,700,000
Loans pledged as collateral 0 333,800,000   0
Impairment recognized 2,600,000 1,300,000 $ 0  
Marketable        
Debt Securities, Available-for-sale [Line Items]        
Equity securities 12,700,000 3,000,000   12,700,000
Fair value adjustment       7,500,000
Unrealized gains (losses) on marketable equity securities (3,400,000)     4,100,000
Non-marketable        
Debt Securities, Available-for-sale [Line Items]        
Equity securities 4,600,000 2,800,000   4,600,000
Unrealized gains (losses) on marketable equity securities 600,000 0    
Asset Pledged as Collateral        
Debt Securities, Available-for-sale [Line Items]        
Investments 236,100,000 359,700,000   $ 236,100,000
Federal Home Loan Bank        
Debt Securities, Available-for-sale [Line Items]        
Interest and dividend income from FLHB 200,000 800,000 $ 1,000,000  
Federal Reserve Bank        
Debt Securities, Available-for-sale [Line Items]        
Interest and dividend income from FLHB $ 1,500,000 $ 300,000    
v3.21.2
SECURITIES - Schedule of Securities Available (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Available For Sale    
Amortized Cost $ 1,855,084 $ 1,244,384
Fair Value 1,864,899 1,268,102
Amortized Cost    
Due in one year or less 810 1,385
Due after one year through five years 13,026 20,805
Due after five years through ten years 50,785 32,441
Due after ten years 773,985 749,874
Total Amortized Cost 838,606 804,505
Mortgage-backed securities 1,016,478 439,879
Total securities AFS, at fair value 1,855,084 1,244,384
Fair Value    
Due in one year or less 822 1,398
Due after one year through five years 13,378 21,769
Due after five years through ten years 52,357 34,025
Due after ten years 781,313 757,303
Total Fair Value 847,870 814,495
Mortgage-backed securities 1,017,029 453,607
Total securities AFS, at fair value 1,864,899 1,268,102
Held To Maturity    
Amortized Cost 56,669 92,610
Gross Unrealized Gains 193 1,164
Gross Unrealized (Losses) (471) (29)
Fair Value 56,391 93,745
Held-to-maturity securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 26,096 7,397
OVER 12 MONTHS, Fair Value 0 3,637
TOTAL, Fair Value 26,096 11,034
LESS THAN 12 MONTHS, Unrealized (Losses) (471) (9)
OVER 12 MONTHS, Unrealized (Losses) 0 (20)
TOTAL, Unrealized (Losses) (471) (29)
AMORTIZED COST [Abstract]    
Due after ten years 52,944 87,183
Total Amortized Cost 52,944 87,183
Mortgage-backed securities 3,725 5,427
Total securities HTM, at cost 56,669 92,610
FAIR VALUE [Abstract]    
Due after ten years 52,576 88,194
Total Fair Value 52,576 88,194
Mortgage-backed securities 3,815 5,551
Total securities HTM, at cost 56,391 93,745
Corporate securities    
Available For Sale    
Amortized Cost 25,000  
Gross Unrealized Gains 0  
Gross Unrealized (Losses) 0  
Fair Value 25,000  
Amortized Cost    
Total securities AFS, at fair value 25,000  
Fair Value    
Total securities AFS, at fair value 25,000  
SBA securities    
Available For Sale    
Amortized Cost 151,958 159,722
Gross Unrealized Gains 5,251 5,391
Gross Unrealized (Losses) 0 (158)
Fair Value 157,209 164,955
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
Fair Value, Less than 12 months   32,257
Unrealized (Losses), Less than 12 months   (102)
Fair Value, 12 Months or Longer   9,875
Unrealized (Losses), 12 Months or Longer   (56)
Fair Value, Total   42,132
Unrealized (Losses), Total   (158)
Amortized Cost    
Total securities AFS, at fair value 151,958 159,722
Fair Value    
Total securities AFS, at fair value 157,209 164,955
Obligations of states and political subdivisions    
Available For Sale    
Amortized Cost 2,497 825
Gross Unrealized Gains 10 16
Gross Unrealized (Losses) 0 0
Fair Value 2,507 841
Amortized Cost    
Total securities AFS, at fair value 2,497 825
Fair Value    
Total securities AFS, at fair value 2,507 841
Non-bank qualified obligations of states and political subdivisions    
Available For Sale    
Amortized Cost 266,048 314,819
Gross Unrealized Gains 3,347 8,978
Gross Unrealized (Losses) (1,100) (23)
Fair Value 268,295 323,774
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
Fair Value, Less than 12 months 101,046 6,265
Unrealized (Losses), Less than 12 months (1,100) (6)
Fair Value, 12 Months or Longer 0 3,103
Unrealized (Losses), 12 Months or Longer 0 (17)
Fair Value, Total 101,046 9,368
Unrealized (Losses), Total (1,100) (23)
Amortized Cost    
Total securities AFS, at fair value 266,048 314,819
Fair Value    
Total securities AFS, at fair value 268,295 323,774
Held To Maturity    
Amortized Cost 52,944 87,183
Gross Unrealized Gains 103 1,040
Gross Unrealized (Losses) (471) (29)
Fair Value 52,576 88,194
Held-to-maturity securities in a continuous unrealized loss position [Abstract]    
LESS THAN 12 MONTHS, Fair Value 26,096 7,397
OVER 12 MONTHS, Fair Value 0 3,637
TOTAL, Fair Value 26,096 11,034
LESS THAN 12 MONTHS, Unrealized (Losses) (471) (9)
OVER 12 MONTHS, Unrealized (Losses) 0 (20)
TOTAL, Unrealized (Losses) (471) (29)
AMORTIZED COST [Abstract]    
Total securities HTM, at cost 52,944 87,183
FAIR VALUE [Abstract]    
Total securities HTM, at cost 52,576 88,194
Asset-backed securities    
Available For Sale    
Amortized Cost 393,103 329,139
Gross Unrealized Gains 3,003 2,015
Gross Unrealized (Losses) (1,247) (6,229)
Fair Value 394,859 324,925
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
Fair Value, Less than 12 months 127,110 106,474
Unrealized (Losses), Less than 12 months (283) (1,089)
Fair Value, 12 Months or Longer 91,553 178,686
Unrealized (Losses), 12 Months or Longer (964) (5,140)
Fair Value, Total 218,663 285,160
Unrealized (Losses), Total (1,247) (6,229)
Amortized Cost    
Total securities AFS, at fair value 393,103 329,139
Fair Value    
Total securities AFS, at fair value 394,859 324,925
Mortgage-backed securities    
Available For Sale    
Amortized Cost 1,016,478 439,879
Gross Unrealized Gains 9,728 14,567
Gross Unrealized (Losses) (9,177) (839)
Fair Value 1,017,029 453,607
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
Fair Value, Less than 12 months 759,035 138,338
Unrealized (Losses), Less than 12 months (7,418) (839)
Fair Value, 12 Months or Longer 60,792 0
Unrealized (Losses), 12 Months or Longer (1,759) 0
Fair Value, Total 819,827 138,338
Unrealized (Losses), Total (9,177) (839)
Amortized Cost    
Total securities AFS, at fair value 1,016,478 439,879
Fair Value    
Total securities AFS, at fair value 1,017,029 453,607
Held To Maturity    
Amortized Cost 3,725 5,427
Gross Unrealized Gains 90 124
Gross Unrealized (Losses) 0 0
Fair Value 3,815 5,551
AMORTIZED COST [Abstract]    
Total securities HTM, at cost 3,725 5,427
FAIR VALUE [Abstract]    
Total securities HTM, at cost 3,815 5,551
Total debt securities AFS    
Available For Sale    
Amortized Cost 1,855,084 1,244,384
Gross Unrealized Gains 21,339 30,967
Gross Unrealized (Losses) (11,524) (7,249)
Fair Value 1,864,899 1,268,102
Available-for-sale securities in a continuous unrealized loss position [Abstract]    
Fair Value, Less than 12 months 987,191 283,334
Unrealized (Losses), Less than 12 months (8,801) (2,036)
Fair Value, 12 Months or Longer 152,345 191,664
Unrealized (Losses), 12 Months or Longer (2,723) (5,213)
Fair Value, Total 1,139,536 474,998
Unrealized (Losses), Total (11,524) (7,249)
Amortized Cost    
Total securities AFS, at fair value 1,855,084 1,244,384
Fair Value    
Total securities AFS, at fair value $ 1,864,899 $ 1,268,102
v3.21.2
SECURITIES - Activities Related to Sale (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Available For Sale      
Proceeds from sales $ 50,468 $ 4,904 $ 755,616
Gross gains on sales 179 51 6,006
Gross losses on sales 173 0 5,277
Net gain (loss) on securities AFS $ 6 $ 51 $ 729
v3.21.2
LOANS AND LEASES, NET - Summary of Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases $ 3,607,815 $ 3,314,140    
Net deferred loan origination costs 1,748 8,625    
Total gross loans and leases 3,609,563 3,322,765    
Allowance for credit losses (68,281) (56,188) $ (29,149) $ (13,040)
Total loans and leases, net 3,541,282 3,266,577    
Originations of loans held-for-sale 601,481 98,798 171,260  
Consumer finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total gross loans and leases 252,900 224,200    
Tax Services        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total gross loans and leases 10,400 3,100    
National Lending | Term lending        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 961,019 805,323    
Allowance for credit losses (29,351) (15,211) (5,533)  
National Lending | Asset based lending        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 300,225 182,419    
Allowance for credit losses (1,726) (1,406) (2,437)  
National Lending | Factoring        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 363,670 281,173    
Allowance for credit losses (3,997) (3,027) (3,261)  
National Lending | Lease financing        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 266,050 281,084    
Allowance for credit losses (7,629) (7,023) (1,275)  
National Lending | Insurance premium finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 428,867 337,940    
Allowance for credit losses (1,394) (2,129) (1,024)  
National Lending | SBA/USDA        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 247,756 318,387    
Allowance for credit losses (2,978) (940) (383)  
National Lending | Other commercial finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 157,908 101,658    
Allowance for credit losses (1,168) (182) (683)  
National Lending | Commercial finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 2,725,495 2,307,984    
Allowance for credit losses (48,243) (29,918) (14,596)  
National Lending | Consumer credit products        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 129,251 89,809    
Allowance for credit losses (1,242) (845) (1,044)  
National Lending | Other consumer finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 123,606 134,342    
Allowance for credit losses (6,112) (2,821) (5,118)  
National Lending | Consumer finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 252,857 224,151    
Allowance for credit losses (7,354) (3,666) (6,162)  
National Lending | Tax Services        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 10,405 3,066    
Allowance for credit losses (2) (2) 0  
National Lending | Warehouse finance        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 419,926 293,375    
Allowance for credit losses (420) (294) (263)  
Community Banking        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans and leases 199,132 485,564    
Allowance for credit losses $ (12,262) $ (22,308) $ (8,128)  
v3.21.2
LOANS AND LEASES, NET - Additional Information (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans and leases to held for sale $ 188,638,000 $ 542,101,000 $ 99,992,000
Originations of loans held-for-sale 601,481,000 98,798,000 $ 171,260,000
Proceeds from held-for-sale loans 890,300,000 590,800,000  
Gain on sale of held for sale loans 8,600,000 7,700,000  
Carrying amount of direct financing and sales-type leases subject to residual value guarantees 4,200,000    
Loans and leases $ 3,609,563,000 3,322,765,000  
Covid-19 Pandemic      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Trial modifications, threshold of past due days prior to onset of pandemic effects 30 days    
Loans and lease receivables deferred income $ 39,100,000 193,300,000  
Covid-19 Pandemic | Minimum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Trial modifications, payment deferral period 30 days    
Covid-19 Pandemic | Maximum      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Trial modifications, payment deferral period 6 months    
Community Banking      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing receivable, TDR, postmodification $ 0 5,200,000  
Loans modified in TDR, subsequent default 0 3,300,000  
Other Consumer Finance, SBA/USDA and Consumer Credit Product Loans | National Lending      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Originations of loans held-for-sale 601,500,000    
SBA/USDA and Consumer Credit Product Loans | National Lending      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Originations of loans held-for-sale   98,800,000  
Tax Services      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans and leases 10,400,000 3,100,000  
Commercial finance | National Lending      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing receivable, TDR, postmodification 5,900,000 8,700,000  
Loans modified in TDR, subsequent default 3,400,000 3,300,000  
Consumer finance      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans and leases 252,900,000 224,200,000  
Consumer finance | National Lending      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financing receivable, TDR, postmodification 300,000 800,000  
Loans modified in TDR, subsequent default $ 300,000 $ 600,000  
v3.21.2
LOANS AND LEASES, NET - Schedule of Loans Purchased and Sold, by Portfolio Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Loans Purchased      
Loans held for investment $ 311,332 $ 151,435  
Loans Sold      
Loans held for sale 890,340 319,123 $ 125,357
Loans held for investment 905,793 600,795  
National Lending | Commercial finance      
Loans Purchased      
Loans held for investment 0 2,400  
Loans Sold      
Loans held for sale 89,276 60,114  
National Lending | Warehouse finance      
Loans Purchased      
Loans held for investment 308,014 130,130  
National Lending | Consumer finance      
Loans Sold      
Loans held for sale 494,585 123,394  
Community Banking      
Loans Purchased      
Loans held for investment 3,318 18,905  
Loans Sold      
Loans held for sale 308,082 407,296  
Loans held for investment $ 13,850 $ 9,991  
v3.21.2
LOANS AND LEASES, NET - Direct Financing and Sales-type Leases, and Lease Receivable Maturity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Loans and Leases Receivable Disclosure [Abstract]    
Carrying amount $ 278,341 $ 299,487
Unguaranteed residual assets 14,393 17,203
Unamortized initial direct costs 490 2,078
Unearned income (26,684) (35,606)
Total net investment in direct financing and sales-type leases 266,540 283,162
Interest income - loans and leases    
Interest income on net investments in direct financing and sales-type leases 22,876 18,300
Lease income from operating lease payments 39,553 44,319
Profit (loss) recorded on commencement date on sales-type leases 337 2,152
Other 4,986 4,357
Total leasing and equipment finance noninterest income 44,876 50,828
Total lease income 67,752 $ 69,128
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract]    
2022 109,680  
2023 83,438  
2024 51,901  
2025 24,838  
2026 5,941  
Thereafter 2,543  
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases 278,341  
Total carrying amount of direct financing and sales-type leases $ 278,341  
v3.21.2
LOANS AND LEASES, NET - Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Oct. 01, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 56,188 $ 29,149 $ 13,040  
Provision for credit losses 49,939 64,776 55,650  
Charge-offs (57,273) (41,761) (42,854)  
Recoveries 6,654 4,024 3,313  
Ending balance 68,281 56,188 29,149  
Allowance        
Ending Balance: Individually Evaluated for Impairment   5,119    
Ending Balance: Collectively Evaluated for Impairment   51,069    
Total 68,281 56,188 29,149  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   51,278    
Ending Balance: Collectively Evaluated for Impairment   3,262,862    
Total 3,607,815 3,314,140    
Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 12,773 0 0  
Ending balance   12,773 0  
Allowance        
Total   12,773 0 $ 12,800
Unfunded Loan Commitment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 32      
Provision for credit losses (173)      
Charge-offs 0      
Recoveries 0      
Ending balance 690 32    
Allowance        
Total 690 32    
Unfunded Loan Commitment | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 831      
Ending balance   831    
Allowance        
Total   831    
Total Committed Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 56,220      
Provision for credit losses 49,766      
Charge-offs (57,273)      
Recoveries 6,654      
Ending balance 68,971 56,220    
Allowance        
Total 68,971 56,220    
Total Committed Loans | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 13,604      
Ending balance   13,604    
Allowance        
Total   13,604    
National Lending | Term lending        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 15,211 5,533    
Provision for credit losses 16,944 19,796    
Charge-offs (14,090) (10,458)    
Recoveries 1,287 340    
Ending balance 29,351 15,211 5,533  
Allowance        
Ending Balance: Individually Evaluated for Impairment   3,155    
Ending Balance: Collectively Evaluated for Impairment   12,056    
Total 29,351 15,211 5,533  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   26,085    
Ending Balance: Collectively Evaluated for Impairment   779,238    
Total 961,019 805,323    
National Lending | Term lending | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 9,999      
Ending balance   9,999    
Allowance        
Total   9,999    
National Lending | Asset based lending        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 1,406 2,437    
Provision for credit losses 933 (1,036)    
Charge-offs (1,200) (42)    
Recoveries 423 47    
Ending balance 1,726 1,406 2,437  
Allowance        
Ending Balance: Individually Evaluated for Impairment   355    
Ending Balance: Collectively Evaluated for Impairment   1,051    
Total 1,726 1,406 2,437  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   5,317    
Ending Balance: Collectively Evaluated for Impairment   177,102    
Total 300,225 182,419    
National Lending | Asset based lending | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 164      
Ending balance   164    
Allowance        
Total   164    
National Lending | Factoring        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 3,027 3,261    
Provision for credit losses (1,192) (245)    
Charge-offs 0 (915)    
Recoveries 1,175 926    
Ending balance 3,997 3,027 3,261  
Allowance        
Ending Balance: Individually Evaluated for Impairment   274    
Ending Balance: Collectively Evaluated for Impairment   2,753    
Total 3,997 3,027 3,261  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   5,071    
Ending Balance: Collectively Evaluated for Impairment   276,102    
Total 363,670 281,173    
National Lending | Factoring | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 987      
Ending balance   987    
Allowance        
Total   987    
National Lending | Lease financing        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 7,023 1,275    
Provision for credit losses 3,758 6,105    
Charge-offs (2,969) (728)    
Recoveries 373 371    
Ending balance 7,629 7,023 1,275  
Allowance        
Ending Balance: Individually Evaluated for Impairment   1,194    
Ending Balance: Collectively Evaluated for Impairment   5,829    
Total 7,629 7,023 1,275  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   4,697    
Ending Balance: Collectively Evaluated for Impairment   276,387    
Total 266,050 281,084    
National Lending | Lease financing | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance (556)      
Ending balance   (556)    
Allowance        
Total   (556)    
National Lending | Insurance premium finance        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 2,129 1,024    
Provision for credit losses (555) 2,489    
Charge-offs (1,192) (2,004)    
Recoveries 1,977 620    
Ending balance 1,394 2,129 1,024  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   2,129    
Total 1,394 2,129 1,024  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   337,940    
Total 428,867 337,940    
National Lending | Insurance premium finance | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance (965)      
Ending balance   (965)    
Allowance        
Total   (965)    
National Lending | SBA/USDA        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 940 383    
Provision for credit losses (703) 2,688    
Charge-offs 0 (2,131)    
Recoveries 21 0    
Ending balance 2,978 940 383  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   940    
Total 2,978 940 383  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   1,436    
Ending Balance: Collectively Evaluated for Impairment   316,951    
Total 247,756 318,387    
National Lending | SBA/USDA | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 2,720      
Ending balance   2,720    
Allowance        
Total   2,720    
National Lending | Other commercial finance        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 182 683    
Provision for credit losses 622 (501)    
Charge-offs 0 0    
Recoveries 0 0    
Ending balance 1,168 182 683  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   182    
Total 1,168 182 683  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   101,658    
Total 157,908 101,658    
National Lending | Other commercial finance | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 364      
Ending balance   364    
Allowance        
Total   364    
National Lending | Commercial finance        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 29,918 14,596    
Provision for credit losses 19,807 29,296    
Charge-offs (19,451) (16,278)    
Recoveries 5,256 2,304    
Ending balance 48,243 29,918 14,596  
Allowance        
Ending Balance: Individually Evaluated for Impairment   4,978    
Ending Balance: Collectively Evaluated for Impairment   24,940    
Total 48,243 29,918 14,596  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   42,606    
Ending Balance: Collectively Evaluated for Impairment   2,265,378    
Total 2,725,495 2,307,984    
National Lending | Commercial finance | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 12,713      
Ending balance   12,713    
Allowance        
Total   12,713    
National Lending | Consumer credit products        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 845 1,044    
Provision for credit losses 397 (199)    
Charge-offs 0 0    
Recoveries 0 0    
Ending balance 1,242 845 1,044  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   845    
Total 1,242 845 1,044  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   89,809    
Total 129,251 89,809    
National Lending | Consumer credit products | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 0      
Ending balance   0    
Allowance        
Total   0    
National Lending | Other consumer finance        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 2,821 5,118    
Provision for credit losses 297 (538)    
Charge-offs (3,324) (2,649)    
Recoveries 320 890    
Ending balance 6,112 2,821 5,118  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   2,821    
Total 6,112 2,821 5,118  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   1,987    
Ending Balance: Collectively Evaluated for Impairment   132,355    
Total 123,606 134,342    
National Lending | Other consumer finance | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 5,998      
Ending balance   5,998    
Allowance        
Total   5,998    
National Lending | Consumer finance        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 3,666 6,162    
Provision for credit losses 694 (737)    
Charge-offs (3,324) (2,649)    
Recoveries 320 890    
Ending balance 7,354 3,666 6,162  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   3,666    
Total 7,354 3,666 6,162  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   1,987    
Ending Balance: Collectively Evaluated for Impairment   222,164    
Total 252,857 224,151    
National Lending | Consumer finance | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 5,998      
Ending balance   5,998    
Allowance        
Total   5,998    
National Lending | Tax Services        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 2 0    
Provision for credit losses 33,276 22,006    
Charge-offs (34,354) (22,834)    
Recoveries 1,078 830    
Ending balance 2 2 0  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   2    
Total 2 2 0  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   3,066    
Total 10,405 3,066    
National Lending | Tax Services | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 0      
Ending balance   0    
Allowance        
Total   0    
National Lending | Warehouse finance        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 294 263    
Provision for credit losses 127 31    
Charge-offs 0 0    
Recoveries 0 0    
Ending balance 420 294 263  
Allowance        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   294    
Total 420 294 263  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   0    
Ending Balance: Collectively Evaluated for Impairment   293,375    
Total 419,926 293,375    
National Lending | Warehouse finance | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance (1)      
Ending balance   (1)    
Allowance        
Total   (1)    
Community Banking        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance 22,308 8,128    
Provision for credit losses (3,965) 14,180    
Charge-offs (144) 0    
Recoveries 0 0    
Ending balance 12,262 22,308 8,128  
Allowance        
Ending Balance: Individually Evaluated for Impairment   141    
Ending Balance: Collectively Evaluated for Impairment   22,167    
Total 12,262 22,308 $ 8,128  
Loans and Leases        
Ending Balance: Individually Evaluated for Impairment   6,685    
Ending Balance: Collectively Evaluated for Impairment   478,879    
Total 199,132 485,564    
Community Banking | Adjustment        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ (5,937)      
Ending balance   (5,937)    
Allowance        
Total   $ (5,937)    
v3.21.2
LOANS AND LEASES, NET - Impaired Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Loans without specific valuation allowance [Abstract]    
Impaired loans, unpaid balance $ 41,030  
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment 43,324 $ 43,463
Recognized Interest Income   521
National Lending | Term lending    
Loans without specific valuation allowance [Abstract]    
Impaired loans, unpaid balance 20,965  
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment 20,965 26,126
Recognized Interest Income   386
National Lending | Asset based lending    
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment   1,339
Recognized Interest Income   0
National Lending | Factoring    
Loans without specific valuation allowance [Abstract]    
Impaired loans, unpaid balance 1,268  
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment 1,268 4,075
Recognized Interest Income   13
National Lending | Lease financing    
Loans without specific valuation allowance [Abstract]    
Impaired loans, unpaid balance 3,882  
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment 3,882 3,370
Recognized Interest Income   16
National Lending | SBA/USDA    
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment   3,164
Recognized Interest Income   0
National Lending | Commercial finance    
Loans without specific valuation allowance [Abstract]    
Impaired loans, unpaid balance 26,115  
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment 26,115 38,074
Recognized Interest Income   415
National Lending | Other consumer finance    
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment 2,294 1,860
Recognized Interest Income   143
National Lending | Consumer finance    
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment 2,294 1,860
Recognized Interest Income   143
Community Banking    
Loans without specific valuation allowance [Abstract]    
Impaired loans, unpaid balance 14,915  
Loans with a specific valuation allowance [Abstract]    
Average Recorded Investment $ 14,915 3,529
Recognized Interest Income   $ 37
v3.21.2
LOANS AND LEASES, NET - Asset Classification of Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases $ 3,609,563 $ 3,322,765
Consumer finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 252,900 224,200
Tax Services    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 10,400 3,100
Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 2,468,557 2,701,484
2021 1,012,088  
2020 303,727  
2019 105,274  
2018 60,727  
2017 20,605  
Prior 66,655  
Revolving Loans and Leases 899,481  
Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 393,291 254,107
2021 85,369  
2020 140,131  
2019 47,620  
2018 37,132  
2017 9,057  
Prior 3,926  
Revolving Loans and Leases 70,056  
Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 206,443 63,427
2021 21,882  
2020 55,606  
2019 45,099  
2018 5,826  
2017 307  
Prior 1,552  
Revolving Loans and Leases 76,171  
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 264,201 61,572
2021 19,584  
2020 25,613  
2019 90,900  
2018 63,338  
2017 17,891  
Prior 8,762  
Revolving Loans and Leases 38,113  
Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 12,061 6,333
2021 310  
2020 1,822  
2019 4,158  
2018 5,770  
2017 1  
Prior 0  
Revolving Loans and Leases 0  
Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 3,344,553 3,086,923
2021 1,139,233  
2020 526,899  
2019 293,051  
2018 172,793  
2017 47,861  
Prior 80,895  
Revolving Loans and Leases 1,083,821  
National Lending | Pass | Term lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 657,268 725,101
2021 362,443  
2020 192,305  
2019 63,708  
2018 34,381  
2017 3,195  
Prior 1,236  
Revolving Loans and Leases 0  
National Lending | Pass | Asset based lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 185,432 102,013
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 185,432  
National Lending | Pass | Factoring    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 294,124 217,245
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 294,124  
National Lending | Pass | Lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 154,787 264,700
2021 54,434  
2020 73,629  
2019 17,153  
2018 7,511  
2017 1,857  
Prior 203  
Revolving Loans and Leases 0  
National Lending | Pass | Insurance premium finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 428,284 336,364
2021 428,131  
2020 144  
2019 9  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Pass | SBA/USDA    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 184,653 308,549
2021 110,122  
2020 37,006  
2019 14,461  
2018 12,760  
2017 6,525  
Prior 3,779  
Revolving Loans and Leases 0  
National Lending | Pass | Other commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 133,770 100,727
2021 56,957  
2020 642  
2019 5,786  
2018 6,075  
2017 3,345  
Prior 60,965  
Revolving Loans and Leases 0  
National Lending | Pass | Commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   2,054,699
National Lending | Pass | Warehouse finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 419,926 293,375
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 419,926  
National Lending | Watch | Term lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 192,811 29,637
2021 63,046  
2020 71,701  
2019 32,941  
2018 21,419  
2017 76  
Prior 3,628  
Revolving Loans and Leases 0  
National Lending | Watch | Asset based lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 52,072 62,512
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 52,072  
National Lending | Watch | Factoring    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 17,984 45,200
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 17,984  
National Lending | Watch | Lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 55,983 8,879
2021 22,061  
2020 20,455  
2019 9,274  
2018 2,739  
2017 1,454  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Watch | Insurance premium finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 267 284
2021 262  
2020 5  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Watch | SBA/USDA    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 25,789 8,328
2021 0  
2020 20,431  
2019 1,996  
2018 1,670  
2017 1,394  
Prior 298  
Revolving Loans and Leases 0  
National Lending | Watch | Other commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 21,264 931
2021 0  
2020 17,404  
2019 3,409  
2018 451  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Watch | Commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   155,771
National Lending | Watch | Warehouse finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Special Mention | Term lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 39,551 24,501
2021 6,422  
2020 26,673  
2019 4,821  
2018 932  
2017 70  
Prior 633  
Revolving Loans and Leases 0  
National Lending | Special Mention | Asset based lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 43,135 12,577
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 43,135  
National Lending | Special Mention | Factoring    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 33,035 13,657
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 33,035  
National Lending | Special Mention | Lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 41,752 2,808
2021 15,402  
2020 20,595  
2019 4,148  
2018 1,546  
2017 61  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Special Mention | Insurance premium finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 63 222
2021 58  
2020 5  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Special Mention | SBA/USDA    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 12,991 74
2021 0  
2020 8,333  
2019 214  
2018 3,348  
2017 177  
Prior 919  
Revolving Loans and Leases 0  
National Lending | Special Mention | Other commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Special Mention | Commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   53,839
National Lending | Special Mention | Warehouse finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Substandard | Term lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 67,397 21,249
2021 18,569  
2020 16,810  
2019 26,920  
2018 3,529  
2017 928  
Prior 641  
Revolving Loans and Leases 0  
National Lending | Substandard | Asset based lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 19,586 5,317
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 19,586  
National Lending | Substandard | Factoring    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 18,527 5,071
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 18,527  
National Lending | Substandard | Lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 11,081 4,148
2021 479  
2020 4,765  
2019 4,981  
2018 831  
2017 25  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Substandard | Insurance premium finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 175 701
2021 68  
2020 107  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Substandard | SBA/USDA    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 24,323 1,436
2021 0  
2020 3,812  
2019 9,550  
2018 8,079  
2017 2,169  
Prior 713  
Revolving Loans and Leases 0  
National Lending | Substandard | Other commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 2,875 0
2021 466  
2020 0  
2019 0  
2018 273  
2017 837  
Prior 1,299  
Revolving Loans and Leases 0  
National Lending | Substandard | Commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   37,922
National Lending | Substandard | Warehouse finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Doubtful | Term lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 3,992 4,835
2021 252  
2020 1,673  
2019 1,756  
2018 311  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Doubtful | Asset based lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 0 0
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Doubtful | Factoring    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Doubtful | Lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 2,447 549
2021 0  
2020 6  
2019 2,402  
2018 38  
2017  
Prior  
Revolving Loans and Leases 0  
National Lending | Doubtful | Insurance premium finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 78 369
2021 58  
2020 20  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Doubtful | SBA/USDA    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Doubtful | Other commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Doubtful | Commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   5,753
National Lending | Doubtful | Warehouse finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   0
National Lending | Total | Term lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 961,019 805,323
2021 450,732  
2020 309,162  
2019 130,146  
2018 60,572  
2017 4,269  
Prior 6,138  
Revolving Loans and Leases 0  
National Lending | Total | Asset based lending    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 300,225 182,419
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 300,225  
National Lending | Total | Factoring    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 363,670 281,173
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 363,670  
National Lending | Total | Lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 266,050 281,084
2021 92,376  
2020 119,450  
2019 37,958  
2018 12,665  
2017 3,398  
Prior 203  
Revolving Loans and Leases 0  
National Lending | Total | Insurance premium finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 428,867 337,940
2021 428,577  
2020 281  
2019 9  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
National Lending | Total | SBA/USDA    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 247,756 318,387
2021 110,122  
2020 69,582  
2019 26,221  
2018 25,857  
2017 10,265  
Prior 5,709  
Revolving Loans and Leases 0  
National Lending | Total | Other commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 157,909 101,658
2021 57,423  
2020 18,046  
2019 9,195  
2018 6,799  
2017 4,182  
Prior 62,264  
Revolving Loans and Leases 0  
National Lending | Total | Commercial finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases   2,307,984
National Lending | Total | Warehouse finance    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 419,926 293,375
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 419,926  
Community Banking | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 10,314 353,410
2021 0  
2020 0  
2019 4,159  
2018 0  
2017 5,683  
Prior 472  
Revolving Loans and Leases 0  
Community Banking | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 27,121 98,336
2021 0  
2020 10,134  
2019 0  
2018 10,854  
2017 6,133  
Prior 0  
Revolving Loans and Leases 0  
Community Banking | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 35,916 9,588
2021 0  
2020 0  
2019 35,916  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Community Banking | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 120,237 23,650
2021 0  
2020 119  
2019 49,449  
2018 50,626  
2017 13,933  
Prior 6,110  
Revolving Loans and Leases 0  
Community Banking | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 5,544 580
2021 0  
2020 122  
2019 0  
2018 5,422  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Community Banking | Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Loans and leases 199,132 $ 485,564
2021 0  
2020 10,375  
2019 89,524  
2018 66,902  
2017 25,749  
Prior 6,582  
Revolving Loans and Leases $ 0  
v3.21.2
LOANS AND LEASES, NET - Past Due Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Financing Receivable, Past Due [Line Items]    
Loans and leases $ 3,609,563 $ 3,322,765
Consumer finance    
Financing Receivable, Past Due [Line Items]    
Loans and leases 252,900 224,200
Tax Services    
Financing Receivable, Past Due [Line Items]    
Loans and leases 10,400 3,100
Accruing and Nonaccruing Loans and Leases    
Financing Receivable, Past Due [Line Items]    
Loans and leases 3,664,009 3,497,717
Accruing and Nonaccruing Loans and Leases | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 199,132 485,564
Accruing and Nonaccruing Loans and Leases | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 19,945 15,220
Accruing and Nonaccruing Loans and Leases | 30-59 Days Past Due | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 905
Accruing and Nonaccruing Loans and Leases | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 8,200 15,353
Accruing and Nonaccruing Loans and Leases | 60-89 Days Past Due | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 114
Accruing and Nonaccruing Loans and Leases | Greater Than 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 24,637 21,727
Accruing and Nonaccruing Loans and Leases | Greater Than 89 Days Past Due | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 2,449
Accruing and Nonaccruing Loans and Leases | Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 52,782 52,300
Accruing and Nonaccruing Loans and Leases | Past Due | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 3,468
Accruing and Nonaccruing Loans and Leases | Not Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 3,611,227 3,445,417
Accruing and Nonaccruing Loans and Leases | Not Past Due | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 199,132 482,096
Accruing and Nonaccruing Loans and Leases | Loans held for sale | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 56,194 183,577
Accruing and Nonaccruing Loans and Leases | Loans held for sale | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Loans held for sale | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Loans held for sale | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Loans held for sale | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Loans held for sale | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 56,194 183,577
Accruing and Nonaccruing Loans and Leases | Term lending | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 961,019 805,323
Accruing and Nonaccruing Loans and Leases | Term lending | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 11,879 11,900
Accruing and Nonaccruing Loans and Leases | Term lending | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 2,703 3,851
Accruing and Nonaccruing Loans and Leases | Term lending | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 5,452 6,390
Accruing and Nonaccruing Loans and Leases | Term lending | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 20,034 22,141
Accruing and Nonaccruing Loans and Leases | Term lending | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 940,985 783,182
Accruing and Nonaccruing Loans and Leases | Asset based lending | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 300,225 182,419
Accruing and Nonaccruing Loans and Leases | Asset based lending | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 17
Accruing and Nonaccruing Loans and Leases | Asset based lending | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Asset based lending | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Asset based lending | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 17
Accruing and Nonaccruing Loans and Leases | Asset based lending | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 300,225 182,402
Accruing and Nonaccruing Loans and Leases | Factoring | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 363,670 281,173
Accruing and Nonaccruing Loans and Leases | Factoring | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Factoring | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Factoring | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Factoring | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Factoring | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 363,670 281,173
Accruing and Nonaccruing Loans and Leases | Lease financing | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 266,050 281,084
Accruing and Nonaccruing Loans and Leases | Lease financing | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 4,909 194
Accruing and Nonaccruing Loans and Leases | Lease financing | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 3,336 9,746
Accruing and Nonaccruing Loans and Leases | Lease financing | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 8,401 6,882
Accruing and Nonaccruing Loans and Leases | Lease financing | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 16,646 16,822
Accruing and Nonaccruing Loans and Leases | Lease financing | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 249,404 264,262
Accruing and Nonaccruing Loans and Leases | Insurance premium finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 428,867 337,940
Accruing and Nonaccruing Loans and Leases | Insurance premium finance | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,415 1,227
Accruing and Nonaccruing Loans and Leases | Insurance premium finance | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 375 748
Accruing and Nonaccruing Loans and Leases | Insurance premium finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 599 2,364
Accruing and Nonaccruing Loans and Leases | Insurance premium finance | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 2,389 4,339
Accruing and Nonaccruing Loans and Leases | Insurance premium finance | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 426,478 333,601
Accruing and Nonaccruing Loans and Leases | SBA/USDA | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 247,756 318,387
Accruing and Nonaccruing Loans and Leases | SBA/USDA | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 66 0
Accruing and Nonaccruing Loans and Leases | SBA/USDA | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 974 0
Accruing and Nonaccruing Loans and Leases | SBA/USDA | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 987 1,027
Accruing and Nonaccruing Loans and Leases | SBA/USDA | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 2,027 1,027
Accruing and Nonaccruing Loans and Leases | SBA/USDA | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 245,729 317,360
Accruing and Nonaccruing Loans and Leases | Other commercial finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 157,908 101,658
Accruing and Nonaccruing Loans and Leases | Other commercial finance | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Other commercial finance | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Other commercial finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Other commercial finance | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Other commercial finance | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 157,908 101,658
Accruing and Nonaccruing Loans and Leases | Commercial finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 2,725,495 2,307,984
Accruing and Nonaccruing Loans and Leases | Commercial finance | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 18,269 13,338
Accruing and Nonaccruing Loans and Leases | Commercial finance | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 7,388 14,345
Accruing and Nonaccruing Loans and Leases | Commercial finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 15,439 16,663
Accruing and Nonaccruing Loans and Leases | Commercial finance | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 41,096 44,346
Accruing and Nonaccruing Loans and Leases | Commercial finance | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 2,684,399 2,263,638
Accruing and Nonaccruing Loans and Leases | Consumer credit products | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 129,251 89,809
Accruing and Nonaccruing Loans and Leases | Consumer credit products | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 713 377
Accruing and Nonaccruing Loans and Leases | Consumer credit products | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 527 358
Accruing and Nonaccruing Loans and Leases | Consumer credit products | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 511 499
Accruing and Nonaccruing Loans and Leases | Consumer credit products | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,751 1,233
Accruing and Nonaccruing Loans and Leases | Consumer credit products | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 127,500 88,576
Accruing and Nonaccruing Loans and Leases | Other consumer finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 123,606 134,342
Accruing and Nonaccruing Loans and Leases | Other consumer finance | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 963 600
Accruing and Nonaccruing Loans and Leases | Other consumer finance | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 285 536
Accruing and Nonaccruing Loans and Leases | Other consumer finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 725 373
Accruing and Nonaccruing Loans and Leases | Other consumer finance | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,973 1,509
Accruing and Nonaccruing Loans and Leases | Other consumer finance | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 121,633 132,833
Accruing and Nonaccruing Loans and Leases | Consumer finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 252,857 224,151
Accruing and Nonaccruing Loans and Leases | Consumer finance | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,676 977
Accruing and Nonaccruing Loans and Leases | Consumer finance | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 812 894
Accruing and Nonaccruing Loans and Leases | Consumer finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,236 872
Accruing and Nonaccruing Loans and Leases | Consumer finance | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 3,724 2,743
Accruing and Nonaccruing Loans and Leases | Consumer finance | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 249,133 221,408
Accruing and Nonaccruing Loans and Leases | Tax Services | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 10,405 3,066
Accruing and Nonaccruing Loans and Leases | Tax Services | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Tax Services | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Tax Services | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 7,962 1,743
Accruing and Nonaccruing Loans and Leases | Tax Services | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 7,962 1,743
Accruing and Nonaccruing Loans and Leases | Tax Services | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 2,443 1,323
Accruing and Nonaccruing Loans and Leases | Warehouse finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 419,926 293,375
Accruing and Nonaccruing Loans and Leases | Warehouse finance | 30-59 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Warehouse finance | 60-89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Warehouse finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Warehouse finance | Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Accruing and Nonaccruing Loans and Leases | Warehouse finance | Not Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 419,926 293,375
Accruing and Nonaccruing Loans and Leases | Loans Held for Investment    
Financing Receivable, Past Due [Line Items]    
Loans and leases 3,607,815 3,314,140
Accruing and Nonaccruing Loans and Leases | Loans Held for Investment | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 19,945 15,220
Accruing and Nonaccruing Loans and Leases | Loans Held for Investment | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 8,200 15,353
Accruing and Nonaccruing Loans and Leases | Loans Held for Investment | Greater Than 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 24,637 21,727
Accruing and Nonaccruing Loans and Leases | Loans Held for Investment | Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 52,782 52,300
Accruing and Nonaccruing Loans and Leases | Loans Held for Investment | Not Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 3,555,033 3,261,840
Nonperforming Loans and Leases    
Financing Receivable, Past Due [Line Items]    
Loans and leases 55,932 34,018
Non-accrual balance 34,245 23,952
Nonperforming Loans and Leases | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 14,915 2,449
Non-accrual balance 14,915 2,399
Nonperforming Loans and Leases | Greater Than 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases 21,687 10,066
Nonperforming Loans and Leases | Greater Than 89 Days Past Due | Community Banking    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 50
Nonperforming Loans and Leases | Loans held for sale | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Non-accrual balance 0 0
Nonperforming Loans and Leases | Loans held for sale | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Nonperforming Loans and Leases | Term lending | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 17,462 16,540
Non-accrual balance 14,904 16,274
Nonperforming Loans and Leases | Term lending | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 2,558 266
Nonperforming Loans and Leases | Asset based lending | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Non-accrual balance 0 0
Nonperforming Loans and Leases | Asset based lending | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Nonperforming Loans and Leases | Factoring | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,268 1,096
Non-accrual balance 1,268 1,096
Nonperforming Loans and Leases | Factoring | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Nonperforming Loans and Leases | Lease financing | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 11,503 7,927
Non-accrual balance 3,158 3,583
Nonperforming Loans and Leases | Lease financing | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 8,345 4,344
Nonperforming Loans and Leases | Insurance premium finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 599 2,364
Non-accrual balance 0 0
Nonperforming Loans and Leases | Insurance premium finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 599 2,364
Nonperforming Loans and Leases | SBA/USDA | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 987 1,027
Non-accrual balance 0 600
Nonperforming Loans and Leases | SBA/USDA | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 987 427
Nonperforming Loans and Leases | Other commercial finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Non-accrual balance 0 0
Nonperforming Loans and Leases | Other commercial finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Nonperforming Loans and Leases | Commercial finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 31,819 28,954
Non-accrual balance 19,330 21,553
Nonperforming Loans and Leases | Commercial finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 12,489 7,401
Nonperforming Loans and Leases | Consumer credit products | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 511 499
Non-accrual balance 0 0
Nonperforming Loans and Leases | Consumer credit products | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 511 499
Nonperforming Loans and Leases | Other consumer finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 725 373
Non-accrual balance 0 0
Nonperforming Loans and Leases | Other consumer finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 725 373
Nonperforming Loans and Leases | Consumer finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,236 872
Non-accrual balance 0 0
Nonperforming Loans and Leases | Consumer finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 1,236 872
Nonperforming Loans and Leases | Tax Services | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 7,962 1,743
Non-accrual balance 0 0
Nonperforming Loans and Leases | Tax Services | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 7,962 1,743
Nonperforming Loans and Leases | Warehouse finance | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Non-accrual balance 0 0
Nonperforming Loans and Leases | Warehouse finance | Greater Than 89 Days Past Due | National Lending    
Financing Receivable, Past Due [Line Items]    
Loans and leases 0 0
Nonperforming Loans and Leases | Loans Held for Investment    
Financing Receivable, Past Due [Line Items]    
Loans and leases 55,932 34,018
Non-accrual balance 34,245 23,952
Nonperforming Loans and Leases | Loans Held for Investment | Greater Than 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Loans and leases $ 21,687 $ 10,066
v3.21.2
LOANS AND LEASES, NET - Nonaccrual (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Financing Receivable, Nonaccrual [Line Items]    
Loans and leases $ 3,609,563 $ 3,322,765
Consumer finance    
Financing Receivable, Nonaccrual [Line Items]    
Loans and leases 252,900 224,200
Tax Services    
Financing Receivable, Nonaccrual [Line Items]    
Loans and leases 10,400 $ 3,100
Nonaccrual Loans    
Financing Receivable, Nonaccrual [Line Items]    
2021 131  
2020 4,084  
2019 12,543  
2018 16,061  
2017 158  
Prior 0  
Revolving Loans and Leases 1,268  
Loans and leases 34,245  
Nonaccrual With No ACL 13,912  
Nonaccrual Loans | National Lending | Term lending    
Financing Receivable, Nonaccrual [Line Items]    
2021 131  
2020 3,812  
2019 10,072  
2018 756  
2017 133  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases 14,904  
Nonaccrual With No ACL 12,103  
Nonaccrual Loans | National Lending | Factoring    
Financing Receivable, Nonaccrual [Line Items]    
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 1,268  
Loans and leases 1,268  
Nonaccrual With No ACL 1,268  
Nonaccrual Loans | National Lending | Lease financing    
Financing Receivable, Nonaccrual [Line Items]    
2021  
2020 30  
2019 2,471  
2018 632  
2017 25  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases 3,158  
Nonaccrual With No ACL 541  
Nonaccrual Loans | National Lending | Commercial finance    
Financing Receivable, Nonaccrual [Line Items]    
2021 131  
2020 3,842  
2019 12,543  
2018 1,388  
2017 158  
Prior 0  
Revolving Loans and Leases 1,268  
Loans and leases 19,330  
Nonaccrual With No ACL 13,912  
Nonaccrual Loans | Community Banking    
Financing Receivable, Nonaccrual [Line Items]    
2021 0  
2020 242  
2019 0  
2018 14,673  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases 14,915  
Nonaccrual With No ACL 0  
90 or More Days Delinquent and Accruing    
Financing Receivable, Nonaccrual [Line Items]    
2021 11,611  
2020 8,753  
2019 460  
2018 102  
2017 31  
Prior 729  
Revolving Loans and Leases 0  
Loans and leases 21,686  
90 or More Days Delinquent and Accruing | National Lending | Term lending    
Financing Receivable, Nonaccrual [Line Items]    
2021 2,546  
2020 0  
2019 12  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases 2,558  
90 or More Days Delinquent and Accruing | National Lending | Lease financing    
Financing Receivable, Nonaccrual [Line Items]    
2021 429  
2020 7,558  
2019 224  
2018 99  
2017 31  
Prior 4  
Revolving Loans and Leases 0  
Loans and leases 8,345  
90 or More Days Delinquent and Accruing | National Lending | Insurance premium finance    
Financing Receivable, Nonaccrual [Line Items]    
2021 468  
2020 131  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases 599  
90 or More Days Delinquent and Accruing | National Lending | SBA/USDA    
Financing Receivable, Nonaccrual [Line Items]    
2021 0  
2020 987  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases 987  
90 or More Days Delinquent and Accruing | National Lending | Commercial finance    
Financing Receivable, Nonaccrual [Line Items]    
2021 3,443  
2020 8,676  
2019 236  
2018 99  
2017 31  
Prior 4  
Revolving Loans and Leases 0  
Loans and leases 12,489  
90 or More Days Delinquent and Accruing | National Lending | Consumer credit products    
Financing Receivable, Nonaccrual [Line Items]    
2021 206  
2020 77  
2019 224  
2018 3  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases 510  
90 or More Days Delinquent and Accruing | National Lending | Other consumer finance    
Financing Receivable, Nonaccrual [Line Items]    
2021 0  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 725  
Revolving Loans and Leases 0  
Loans and leases 725  
90 or More Days Delinquent and Accruing | National Lending | Consumer finance    
Financing Receivable, Nonaccrual [Line Items]    
2021 206  
2020 77  
2019 224  
2018 3  
2017 0  
Prior 725  
Revolving Loans and Leases 0  
Loans and leases 1,235  
90 or More Days Delinquent and Accruing | National Lending | Tax Services    
Financing Receivable, Nonaccrual [Line Items]    
2021 7,962  
2020 0  
2019 0  
2018 0  
2017 0  
Prior 0  
Revolving Loans and Leases 0  
Loans and leases $ 7,962  
v3.21.2
EARNINGS PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Basic income per common share:                              
Net income attributable to Meta Financial Group, Inc. $ 15,903 $ 38,701 $ 59,066 $ 28,037 $ 13,158 $ 18,190 $ 52,304 $ 21,068 $ 20,195 $ 29,291 $ 32,120 $ 15,398 $ 141,708 $ 104,720 $ 97,004
Dividends and undistributed earnings allocated to participating securities                         (2,698) (2,414) (2,378)
Basic net earnings available to common stockholders                         139,010 102,306 94,626
Undistributed earnings allocated to nonvested restricted stockholders                         2,575 2,249 2,187
Reallocation of undistributed earnings to nonvested restricted stockholders                         (2,573) (2,249) (2,185)
Diluted net earnings available to common stockholders                         $ 139,012 $ 102,306 $ 94,628
Weighted average common shares outstanding (in shares)                         31,729,596 34,829,971 37,927,734
Effect of dilutive securities                              
Total effect of dilutive securities (in shares)                         21,926 0 40,718
Total weighted average diluted common shares outstanding (in shares)                         31,751,522 34,829,971 37,968,452
Basic earnings per common share (in dollars per share) $ 0.50 $ 1.21 $ 1.84 $ 0.84 $ 0.38 $ 0.53 $ 1.45 $ 0.56 $ 0.53 $ 0.75 $ 0.81 $ 0.39 $ 4.38 $ 2.94 $ 2.49
Diluted earnings per common share (in dollars per share) $ 0.50 $ 1.21 $ 1.84 $ 0.84 $ 0.38 $ 0.53 $ 1.45 $ 0.56 $ 0.53 $ 0.75 $ 0.81 $ 0.39 $ 4.38 $ 2.94 $ 2.49
Weighted average shares of nonvested restricted stock, antidilutive (in shares)                         615,811 821,738 953,185
Stock options                              
Effect of dilutive securities                              
Outstanding options - based upon the two-class method (in shares)                         0 0 40,718
Performance share units                              
Effect of dilutive securities                              
Outstanding options - based upon the two-class method (in shares)                         21,926 0 0
v3.21.2
PREMISES, FURNITURE, AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross $ 99,212 $ 88,826  
Less: accumulated depreciation and amortization (54,324) (47,218)  
Net book value 44,888 41,608  
Depreciation expense of premises, furniture, and equipment 9,600 9,200 $ 8,600
Land      
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross 1,354 1,354  
Buildings      
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross 21,196 20,170  
Furniture, Fixtures, and Equipment      
Property, Plant and Equipment [Line Items]      
Premises, furniture, and equipment, gross $ 76,662 $ 67,302  
v3.21.2
RENTAL EQUIPMENT, NET - Schedule of Rental Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Property, Plant and Equipment [Line Items]    
Total $ 279,364 $ 261,844
Accumulated depreciation (67,825) (57,601)
Unamortized initial direct costs 1,577 1,721
Net book value 213,116 205,964
Computers and IT networking equipment    
Property, Plant and Equipment [Line Items]    
Total 17,683 15,926
Motor vehicles and other    
Property, Plant and Equipment [Line Items]    
Total 87,396 52,913
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Total 48,828 74,197
Solar panels and equipment    
Property, Plant and Equipment [Line Items]    
Total $ 125,457 $ 118,808
v3.21.2
RENTAL EQUIPMENT, NET - Schedule of Operating Leases, Future Minimum Payments Receivable (Details)
$ in Thousands
Sep. 30, 2021
USD ($)
Property, Plant and Equipment [Abstract]  
2022 $ 34,532
2023 29,709
2024 21,762
2025 15,602
2026 9,069
Thereafter 12,603
Total undiscounted future minimum lease payments receivable for operating leases $ 123,277
v3.21.2
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS - Foreclosed and Repossessed Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Real Estate [Line Items]    
Sales   $ 28,100
Foreclosed Property    
Real Estate [Line Items]    
Other real estate, beginning of period $ 9,957 29,494
Additions 1,659 9,983
Write-downs 591 568
Sales 8,952 23,992
(Gain) loss on sale (4) 4,960
Total reductions 9,539 29,520
Other real estate, end of period $ 2,077 $ 9,957
v3.21.2
FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Real Estate [Line Items]    
Valuation allowance for repossessed assets $ 1,100,000 $ 500,000
Other real estate owned sold   28,100,000
Foreclosed Property    
Real Estate [Line Items]    
Other real estate owned sold 8,952,000 23,992,000
Loss on sale 4,000 (4,960,000)
Agriculture Real Estate Customer | Agricultural Operating Loans    
Real Estate [Line Items]    
Deferred rental income   1,100,000
OREO expenses   200,000
Community Bank    
Real Estate [Line Items]    
Loans and leases in the process of foreclosure $ 0 $ 0
v3.21.2
GOODWILL AND INTANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Intangible Assets [Roll Forward]      
Balance, beginning of period $ 41,692 $ 52,810  
Acquisitions during the period 24 35  
Amortization during the period (8,545) (10,997) $ (17,711)
Write-offs during the period (23) (156)  
Balance, end of period 33,148 41,692 52,810
Gross carrying amount 109,335 109,305  
Accumulated amortization (65,721) (57,175)  
Accumulated impairment (10,466) (10,438)  
Anticipated intangible amortization [Abstract]      
2022 6,420    
2023 5,102    
2024 4,384    
2025 3,826    
2026 3,252    
Thereafter 10,164    
Total anticipated intangible amortization 33,148 41,692 52,810
Trademark      
Intangible Assets [Roll Forward]      
Balance, beginning of period 10,901 11,959  
Acquisitions during the period 0 0  
Amortization during the period (1,078) (1,058)  
Write-offs during the period 0 0  
Balance, end of period 9,823 10,901 11,959
Gross carrying amount 14,624 14,624  
Accumulated amortization (4,801) (3,723)  
Accumulated impairment 0 0  
Anticipated intangible amortization [Abstract]      
Total anticipated intangible amortization 9,823 10,901 11,959
Non-Compete      
Intangible Assets [Roll Forward]      
Balance, beginning of period 422 827  
Acquisitions during the period 0 0  
Amortization during the period (382) (405)  
Write-offs during the period 0 0  
Balance, end of period 40 422 827
Gross carrying amount 2,481 2,480  
Accumulated amortization (2,441) (2,058)  
Accumulated impairment 0 0  
Anticipated intangible amortization [Abstract]      
Total anticipated intangible amortization 40 422 827
Customer Relationships      
Intangible Assets [Roll Forward]      
Balance, beginning of period 24,333 33,207  
Acquisitions during the period 0 0  
Amortization during the period (6,465) (8,874)  
Write-offs during the period 0 0  
Balance, end of period 17,868 24,333 33,207
Gross carrying amount 82,088 82,088  
Accumulated amortization (53,972) (47,507)  
Accumulated impairment (10,248) (10,248)  
Anticipated intangible amortization [Abstract]      
Total anticipated intangible amortization 17,868 24,333 33,207
Technology/Other      
Intangible Assets [Roll Forward]      
Balance, beginning of period 6,036 6,817  
Acquisitions during the period 24 35  
Amortization during the period (620) (660)  
Write-offs during the period (23) (156)  
Balance, end of period 5,417 6,036 6,817
Gross carrying amount 10,142 10,113  
Accumulated amortization (4,507) (3,887)  
Accumulated impairment (218) (190)  
Anticipated intangible amortization [Abstract]      
Total anticipated intangible amortization $ 5,417 $ 6,036 $ 6,817
Refund Advantage Financial Services Inc | Trademark | Minimum      
Intangible Assets [Roll Forward]      
Book amortization period 5 years    
Refund Advantage Financial Services Inc | Trademark | Maximum      
Intangible Assets [Roll Forward]      
Book amortization period 15 years    
Refund Advantage Financial Services Inc | Non-Compete | Minimum      
Intangible Assets [Roll Forward]      
Book amortization period 3 years    
Refund Advantage Financial Services Inc | Non-Compete | Maximum      
Intangible Assets [Roll Forward]      
Book amortization period 5 years    
Refund Advantage Financial Services Inc | Customer Relationships | Minimum      
Intangible Assets [Roll Forward]      
Book amortization period 10 years    
Refund Advantage Financial Services Inc | Customer Relationships | Maximum      
Intangible Assets [Roll Forward]      
Book amortization period 30 years    
Refund Advantage Financial Services Inc | Technology/Other | Minimum      
Intangible Assets [Roll Forward]      
Book amortization period 3 years    
Refund Advantage Financial Services Inc | Technology/Other | Maximum      
Intangible Assets [Roll Forward]      
Book amortization period 20 years    
v3.21.2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 309,505,000 $ 309,505,000 $ 309,505,000
Goodwill impairment 0    
Impairment expense $ 0 $ 0 $ 111,000
v3.21.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Leases [Abstract]    
Operating lease, right-of-use asset, statement of financial position Other assets Other assets
Operating lease, right-of-use asset $ 34,400 $ 25,800
Operating lease, liability, statement of financial position Accrued expenses and other liabilities Accrued expenses and other liabilities
Total operating lease liabilities $ 36,550 $ 27,100
v3.21.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES - Undiscounted Future Minimum Operating Lease Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Leases [Abstract]    
2022 $ 4,687  
2023 4,180  
2024 4,152  
2025 4,027  
2026 3,195  
Thereafter 21,732  
Total undiscounted future minimum lease payments 41,973  
Discount (5,423)  
Total operating lease liabilities $ 36,550 $ 27,100
v3.21.2
OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES - Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Leases [Abstract]    
Weighted-average discount rate 2.32%  
Weighted-average remaining lease term (years) 10 years 10 months 6 days  
Lease expense $ 4,310 $ 3,454
Short-term and variable lease cost 193 496
ROU asset impairment 224 0
Sublease income (591) (733)
Total lease cost for operating leases $ 4,136 $ 3,217
v3.21.2
TIME CERTIFICATES OF DEPOSIT (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Deposits [Line Items]    
IRA deposit accounts permanently insured by DIF under management of FDIC $ 250,000  
Time certificates of deposits in denominations of $250,000 or more 24,900,000 $ 231,000,000
Time Deposits, Fiscal Year Maturity [Abstract]    
2022 31,148,000  
2023 907,000  
2024 445,000  
2025 0  
2026 0  
Thereafter 0  
Total 32,500,000  
Wholesale deposits 79,366,000 $ 348,416,000
Non-IRA deposits accounts permanently insured under Dodd-Frank act by DIF under management of FDIC 250,000  
Wholesale Deposits    
Time Deposits, Fiscal Year Maturity [Abstract]    
Wholesale deposits $ 23,400,000  
v3.21.2
SHORT-TERM AND LONG-TERM BORROWINGS - Short Term Debt (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Debt Disclosure [Abstract]    
Pledged securities against specific FHLB advances, fair value $ 644,700,000 $ 673,800,000
Loans pledged as collateral 0 333,800,000
Securities sold under agreements to repurchase, total 0  
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]    
Highest month-end balance 0 2,550,000
Average balance $ 0 $ 328,000
Weighted average interest rate for the fiscal year 0.00% 2.00%
Weighted average interest rate at fiscal year end 0.00% 0.00%
Securities pledged as collateral for securities sold under agreement to repurchase, fair value $ 0  
v3.21.2
SHORT-TERM AND LONG-TERM BORROWINGS - Long Term Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2021
Debt Instrument [Line Items]          
Trust preferred securities $ 13,661 $ 13,661 $ 13,661    
Subordinated debentures, net of issuance costs 73,980 73,980 73,807    
Other long-term borrowings 5,193 5,193 10,756    
Long-term borrowings 92,834 92,834 98,224    
Discounted leases 5,100 5,100 10,600    
Finance lease obligations $ 100 $ 100 $ 100    
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Total long-term borrowings Total long-term borrowings Total long-term borrowings    
Long-term FHLB advances         $ 110,000
Weighted-average cost         2.41%
Other expense   $ 48,007 $ 52,818 $ 44,111  
Maturities of Long-term Debt          
2022 $ 398 398      
2023 1,924 1,924      
2024 2,871 2,871      
2025 0 0      
2026 73,980 73,980      
Thereafter 13,661 13,661      
Total long-term borrowings 92,834 92,834 $ 98,224    
Federal Home Loan Bank Advances [Member]          
Debt Instrument [Line Items]          
Other expense 1,700        
Trust preferred securities          
Debt Instrument [Line Items]          
Long-term borrowings 13,661 13,661      
Maturities of Long-term Debt          
2022 0 0      
2023 0 0      
2024 0 0      
2025 0 0      
2026 0 0      
Thereafter 13,661 13,661      
Total long-term borrowings 13,661 13,661      
Subordinated debentures          
Debt Instrument [Line Items]          
Long-term borrowings 73,980 73,980      
Maturities of Long-term Debt          
2022 0 0      
2023 0 0      
2024 0 0      
2025 0 0      
2026 73,980 73,980      
Thereafter 0 0      
Total long-term borrowings 73,980 73,980      
Other long-term borrowings          
Debt Instrument [Line Items]          
Long-term borrowings 5,193 5,193      
Maturities of Long-term Debt          
2022 398 398      
2023 1,924 1,924      
2024 2,871 2,871      
2025 0 0      
2026 0 0      
Thereafter 0 0      
Total long-term borrowings $ 5,193 $ 5,193      
v3.21.2
SHORT-TERM AND LONG-TERM BORROWINGS - Long Term Debt Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Sep. 30, 2021
USD ($)
Period
$ / shares
shares
Sep. 30, 2020
USD ($)
Debt Instrument [Line Items]    
Subordinated debentures, net of issuance costs $ 73,980 $ 73,807
First Midwest Financial Capital Trust I    
Debt Instrument [Line Items]    
Equity method investment, ownership percentage 100.00%  
Issuance of trust preferred securities (in shares) | shares 10,000  
Number of authorized shares of trust preferred securities issued (in shares) | 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  
First Midwest Financial Capital Trust I | LIBOR    
Debt Instrument [Line Items]    
Basis spread on variable rate 3.75%  
Effective interest rate 3.93% 4.01%
5.75% Fixed to Floating Rate Subordinated Debt, Due August 15, 2026 | Subordinated debentures    
Debt Instrument [Line Items]    
Cash acquired due to acquisition $ 75,000  
Interest rate, stated percentage 5.75%  
Net proceeds from issuance of debt, before issuance costs $ 73,900  
Subordinated debentures, net of issuance costs 74,000  
Debt issuance costs $ 1,000  
Weighted Average | First Midwest Financial Capital Trust I | LIBOR    
Debt Instrument [Line Items]    
Effective interest rate 12.50%  
Crestmark Bancorp, Inc.    
Debt Instrument [Line Items]    
Effective interest rate 3.13%  
Long-term borrowings $ 3,400  
Debt instrument, term 30 years  
Crestmark Bancorp, Inc. | LIBOR    
Debt Instrument [Line Items]    
Basis spread on variable rate 3.00%  
v3.21.2
STOCKHOLDERS' EQUITY (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 07, 2021
Nov. 20, 2019
Class of Stock [Line Items]        
Stock repurchased during period (in shares) 101,481 103,830    
Stock repurchased during period, value $ 2.9 $ 3.2    
Shares retired 203,224 0    
Common Stock        
Class of Stock [Line Items]        
Number of shares authorized to be repurchased (in shares)     6,000,000 7,500,000
Stock repurchased and retired during the period (in shares) 2,833,755 3,669,597    
Remaining number of shares authorized to be repurchased (in shares) 7,315,876      
v3.21.2
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS (Details)
 12 Months Ended
Nov. 20, 2021
Nov. 19, 2021
Oct. 01, 2021
Sep. 30, 2021
USD ($)
hours
$ / shares
shares
Sep. 30, 2020
USD ($)
$ / shares
shares
Sep. 30, 2019
USD ($)
$ / shares
shares
EMPLOYEE STOCK OWNERSHIP AND PROFIT SHARING PLANS [Abstract]            
Number of hours of employment required for ESOP | hours       1,000    
Years of employment to be eligible for ESOP       1 year    
Employee Stock Ownership Plan (ESOP), Expense | $       $ 3,100,000 $ 3,000,000 $ 2,900,000
Percentage of benefits vested after credited service       100.00%    
ESOP award vesting period       7 years    
Number of shares (ESOP) released (in shares)       54,985 157,909 98,753
Fair value of shares (ESOP) released (in dollars per share) | $ / shares       $ 52.48 $ 19.22 $ 32.61
Allocated and total ESOP shares withdrawn from ESOP by participant no longer with the company (in shares)       22,960 59,865 79,926
Shares purchased for dividend reinvestment (in shares)       4,192 5,662 5,336
Year-end ESOP shares [Abstract]            
Allocated shares (in shares)       787,299 809,116 778,088
Unearned shares (in shares)       0 0 0
Total ESOP shares (in shares)       787,299 809,116 778,088
Fair value of unearned shares | $       $ 0 $ 0 $ 0
Contribution expense to profit sharing plan included in compensation and benefits | $       $ 3,100,000 $ 3,100,000 $ 3,000,000
Subsequent Event            
Defined Contribution Plan Disclosure [Line Items]            
Employee contributions matched     100.00%      
Percent of eligible compensation contributed 6.00% 4.00% 6.00%      
v3.21.2
STOCK COMPENSATION - Additional Information (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
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    
Granted (in shares) 0 0 0
Exercised $ 0 $ 1,011,000 $ 1,800,000
Fair value of share granted (in shares) 190,187 191,372  
Award vesting period eight years    
Stock based compensation expense not yet recognized in income $ 5,500,000    
Weighted average remaining period for unrecognized stock based compensation 2 years 7 days    
Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of share granted (in shares) 1,000,000 800,000 1,000,000
v3.21.2
STOCK COMPENSATION - Summary of Stock Options (Details) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Number of Shares      
Options outstanding, beginning of period (in shares) 0 59,835  
Granted (in shares) 0 0 0
Exercised (in shares)   (59,835)  
Forfeited or expired (in shares)   0  
Options outstanding, end of period (in shares)   0 59,835
Options exercisable end of year (in shares) 0 0  
Weighted Average Exercise Price      
Options outstanding, beginning of period (in dollars per share) $ 0 $ 8.06  
Granted (in dollars per share)   0  
Exercised (in dollars per share)   8.06  
Forfeited or expired (in dollars per share)   0  
Options outstanding, end of period (in dollars per share)   0 $ 8.06
Options exercisable end of year (in dollars per share)   $ 0  
Weighted Average Remaining Contractual Term (Yrs)      
Options outstanding , weighted average remaining contractual term (in years)     1 year 6 months 14 days
Options exercised, weighted average remaining contractual term (in years)   1 year  
Aggregate Intrinsic Value      
Options outstanding, beginning of period $ 0 $ 1,469,000  
Granted   0  
Exercised $ 0 1,011,000 $ 1,800,000
Forfeited or expired   0  
Options outstanding, end of period   0 $ 1,469,000
Options exerisable, end of period   $ 0  
v3.21.2
STOCK COMPENSATION - Nonvested Shares (Details) - $ / shares
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Number of Shares    
Shares outstanding, beginning of period (in shares) 790,083 926,122
Granted (in shares) 190,187 191,372
Vested (in shares) (329,409) (316,283)
Forfeited or expired (in shares) (103,798) (11,128)
Shares outstanding, end of period (in shares) 547,063 790,083
Weighted Average Fair Value at Grant    
Shares outstanding, beginning of period (in dollars per share) $ 30.03 $ 29.54
Granted (in dollars per share) 30.88 32.32
Vested (in dollars per share) 30.32 29.92
Forfeited or expired (in dollars per share) 29.66 31.35
Shares outstanding, end of period (in dollars per share) $ 30.22 $ 30.03
v3.21.2
STOCK COMPENSATION - Performance Shares (Details) - $ / shares
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Number of Units    
Shares outstanding, beginning of period (in shares) 790,083 926,122
Granted (in shares) 190,187 191,372
Vested (in shares) (329,409) (316,283)
Forfeited or expired (in shares) (103,798) (11,128)
Shares outstanding, end of period (in shares) 547,063 790,083
Weighted Average Fair Value at Grant    
Shares outstanding, beginning of period (in dollars per share) $ 30.03 $ 29.54
Granted (in dollars per share) 30.88 32.32
Vested (in dollars per share) 30.32 29.92
Forfeited or expired (in dollars per share) 29.66 31.35
Shares outstanding, end of period (in dollars per share) $ 30.22 $ 30.03
PSUs    
Number of Units    
Shares outstanding, beginning of period (in shares) 0  
Granted (in shares) 60,984  
Vested (in shares) 0  
Forfeited or expired (in shares) 0  
Shares outstanding, end of period (in shares) 60,984 0
Weighted Average Fair Value at Grant    
Shares outstanding, beginning of period (in dollars per share) $ 0  
Granted (in dollars per share) 34.03  
Vested (in dollars per share) 0  
Forfeited or expired (in dollars per share) 0  
Shares outstanding, end of period (in dollars per share) $ 34.03 $ 0
v3.21.2
STOCK COMPENSATION - Effects to Net Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]      
Tax effects of employee's stock-based compensation expense recognized income $ 1,562 $ 2,567 $ 3,230
Total employee stock-based compensation expense recognized in income, net of tax effects of $1,562, $2,567, and $3,230, respectively $ 5,290 $ 7,656 $ 9,716
v3.21.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Federal:      
Current $ 6,402 $ 3,148 $ 5,278
Deferred (3,909) (4,505) (14,831)
Federal income tax expense 2,493 (1,357) (9,553)
State:      
Current 5,938 4,860 5,649
Deferred 2,270 2,158 530
State tax expense 8,208 7,018 6,179
Income tax expense (benefit) 10,701 5,661 (3,374)
Deferred tax assets:      
Bad debts 15,946 13,968  
Deferred compensation 3,733 1,288  
Stock based compensation 3,314 4,073  
Valuation adjustments 4,111 5,343  
General business credits 49,196 37,888  
Accrued expenses 2,780 2,155  
Lease liability 9,206 6,798  
Other assets 4,253 3,215  
Gross deferred tax assets 92,539 74,728  
Deferred tax liabilities:      
Premises and equipment (3,328) (2,852)  
Intangibles (3,032) (2,114)  
Net unrealized gains on securities available for sale (2,471) (5,964)  
Leased assets (46,355) (35,279)  
Right-of-use assets (8,877) (6,550)  
Other liabilities (3,303) (4,246)  
Gross deferred tax liabilities (67,366) (57,005)  
Net deferred tax assets 25,173 17,723  
Amount      
Statutory federal income tax expense and rate 32,854 24,151 20,568
Change in tax rate resulting from:      
State income taxes net of federal benefits 6,452 5,444 5,000
162(m) disallowance 686 1,129 2,777
Tax exempt income (835) (1,212) (2,714)
General business credits (26,945) (22,284) (27,126)
Other, net (1,511) (1,567) (1,879)
Income tax expense (benefit) $ 10,701 $ 5,661 $ (3,374)
Rate      
Statutory federal income tax expense and rate (percent) 21.00% 21.00% 21.00%
State income taxes net of federal benefits (percent) 4.10% 4.70% 5.10%
162 (m) disallowance (percent) 0.40% 1.00% 2.80%
Tax exempt income (percent) (0.50%) (1.00%) (2.80%)
General business credits (percent) (17.20%) (19.40%) (27.70%)
Other, net (percent) (1.00%) (1.40%) (1.80%)
Total income tax expense (percent) 6.80% 4.90% (3.40%)
Gross deferred tax on state net operating loss carryforwards $ 2,700 $ 2,400  
Operating loss carryforwards reserved 2,700 2,400  
Tax credit, investment, amount 26,500 20,500 $ 27,100
Reconciliation for liabilities [Abstract]      
Balance at beginning of fiscal year 1,091 368  
Reductions for tax positions related to prior years (314)    
Additions for tax positions related to prior years   723  
Balance at end of fiscal year 777 $ 1,091 $ 368
Unrecognized tax benefits that, if recognized, would impact the effective rate 667    
Accrued interest related to unrecognized tax benefits $ 112    
v3.21.2
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS - Financial Measures of Capital (Details)
Sep. 30, 2021
Sep. 30, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Tier 1 (core) capital (to adjusted total assets), ratio 7.67% 6.58%
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, ratio 5.00% 5.00%
Common equity Tier 1 (to risk-weighted assets), actual ratio 12.12% 11.78%
Common equity Tier 1 (to risk-weighted assets), minimum requirement for capital adequacy purposes, ratio 4.50% 4.50%
Common equity Tier 1 (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio 6.50% 6.50%
Tier 1 (core) capital ( to risk weighted assets), ratio 0.1246 0.1218
Tier 1 (core) capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, ratio 0.0600 0.0600
Tier 1 (core) capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio 0.0800 0.0800
Total qualifying capital (to risk-weighted assets), ratio 15.45% 15.30%
Total qualifying capital (to risk-weighted assets), minimum requirement for capital adequacy purposes, ratio 8.00% 8.00%
Total qualifying capital (to risk-weighted assets), minimum requirement to be well capitalized under prompt corrective action provisions, ratio 10.00% 10.00%
MetaBank    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Tier 1 (core) capital (to adjusted total assets), ratio 8.69% 7.56%
Common equity Tier 1 (to risk-weighted assets), actual ratio 14.11% 13.96%
Tier 1 (core) capital ( to risk weighted assets), ratio 0.1413 0.1400
Total qualifying capital (to risk-weighted assets), ratio 15.38% 15.26%
v3.21.2
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS - Reconciliation of Capital Amounts (Details)
$ in Thousands
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Reconciliation of capital amounts [Abstract]        
Total stockholders' equity $ 871,884 $ 847,308 $ 843,958 $ 747,726
Adjustments:        
LESS: Goodwill, net of associated deferred tax liabilities 300,780      
LESS: Certain other intangible assets 33,572      
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards 22,801      
LESS: Net unrealized gains (losses) on available for sale securities 7,344      
LESS: Noncontrolling interest 1,155 $ 3,603    
ADD: Adoption of Accounting Standards Update 2016-13 8,202      
Common Equity Tier 1 514,434      
Long-term borrowings and other instruments qualifying as Tier 1 13,661      
Tier 1 minority interest not included in common equity Tier 1 capital 747      
Total Tier 1 capital 528,842      
Allowance for credit losses 53,159      
Subordinated debentures (net of issuance costs) 73,980      
Total capital $ 655,981      
Common Equity Tier 1, risk-based (as a percent) 0.070      
Tier 1 risk-based (as a percent) 0.085      
Total risk based capital ratios with buffer (as a percent) 0.105      
Capital conservation buffer requirement 0.025      
v3.21.2
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS - Tangible Common Equity Reconciliation (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Restructuring and Related Activities [Abstract]        
Total stockholders' equity $ 871,884 $ 847,308 $ 843,958 $ 747,726
Goodwill 309,505 309,505 $ 309,505  
Intangible assets 33,148 41,692    
Tangible common equity 529,231      
Accumulated other comprehensive income (loss) 7,599 $ 17,542    
Tangible common equity excluding AOCI $ 521,632      
v3.21.2
COMMITMENTS AND CONTINGENCIES (Details)
Sep. 30, 2021
USD ($)
commitment
Sep. 30, 2020
USD ($)
commitment
Commitments and Contingencies Disclosure [Abstract]    
Unfunded loan commitments $ 1,220,000,000 $ 1,220,000,000
Number of investment commitments | commitment 0 0
Securities, buy (sell) obligations $ 0 $ 0
v3.21.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($)
Sep. 30, 2021
Sep. 30, 2020
Refund transfer product fees    
Disaggregation of Revenue [Line Items]    
Accounts receivable, before allowance for credit loss $ 0 $ 0
v3.21.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Revenue From Contracts with Customers by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Disaggregation of Revenue [Line Items]                              
Net interest income (expense) $ 70,667 $ 68,475 $ 73,850 $ 65,999 $ 64,513 $ 62,137 $ 67,737 $ 64,651 $ 65,617 $ 66,968 $ 71,350 $ 60,272 $ 278,991 $ 259,038 $ 264,207
Net gain realized on investment securities                         6 51 729
Gain on divestitures                         0 19,275 0
Gain on sale of other                         11,515 4,425 7,831
Other income                         26,240 14,641 9,975
Noninterest income $ 49,542 $ 62,453 $ 113,453 $ 45,455 $ 40,750 $ 41,048 $ 120,513 $ 37,483 $ 35,980 $ 43,790 $ 105,025 $ 37,751 270,904 239,794 222,545
Revenue                         549,895 498,832  
Refund transfer product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         37,967 36,061  
Tax advance product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         47,639 31,826 34,687
Payment card and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         107,182 87,379  
Other bank and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         939 1,310 1,942
Rental income                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         39,416 44,826 41,053
Consumer                              
Disaggregation of Revenue [Line Items]                              
Net interest income (expense)                         92,133 93,245 69,131
Net gain realized on investment securities                         0 0  
Gain on divestitures                         0 0  
Gain on sale of other                         0 (19)  
Other income                         2,902 3,018  
Noninterest income                         195,708 158,284 162,212
Revenue                         287,841 251,529  
Consumer | Refund transfer product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         37,967 36,061  
Consumer | Tax advance product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         47,639 31,826  
Consumer | Payment card and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         107,182 87,379  
Consumer | Other bank and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         0 0  
Consumer | Rental income                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         18 19  
Commercial                              
Disaggregation of Revenue [Line Items]                              
Net interest income (expense)                         173,325 150,766 152,565
Net gain realized on investment securities                         0 0  
Gain on divestitures                         0 0  
Gain on sale of other                         12,622 9,587  
Other income                         8,876 6,087  
Noninterest income                         61,813 60,151 54,224
Revenue                         235,138 210,917  
Commercial | Refund transfer product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         0 0  
Commercial | Tax advance product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         0 0  
Commercial | Payment card and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         0 0  
Commercial | Other bank and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         917 984  
Commercial | Rental income                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         39,398 43,493  
Corporate Services/Other                              
Disaggregation of Revenue [Line Items]                              
Net interest income (expense)                         13,533 15,027 42,511
Net gain realized on investment securities                         6 51  
Gain on divestitures                         0 19,275  
Gain on sale of other                         (1,107) (5,143)  
Other income                         14,462 5,536  
Noninterest income                         13,383 21,359 $ 6,109
Revenue                         26,916 36,386  
Corporate Services/Other | Refund transfer product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         0 0  
Corporate Services/Other | Tax advance product fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         0 0  
Corporate Services/Other | Payment card and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         0 0  
Corporate Services/Other | Other bank and deposit fees                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         22 326  
Corporate Services/Other | Rental income                              
Disaggregation of Revenue [Line Items]                              
Noninterest income:                         $ 0 $ 1,314  
v3.21.2
SEGMENT REPORTING (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Jun. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2021
USD ($)
segment
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Segment Reporting [Abstract]                              
Number of reportable segments | segment                         3    
Segment data [Abstract]                              
Net interest income (expense) $ 70,667 $ 68,475 $ 73,850 $ 65,999 $ 64,513 $ 62,137 $ 67,737 $ 64,651 $ 65,617 $ 66,968 $ 71,350 $ 60,272 $ 278,991 $ 259,038 $ 264,207
Provision for credit losses 8,775 4,612 30,290 6,089 8,980 15,093 37,296 3,407 4,121 9,112 33,318 9,099 49,766 64,776 55,650
Noninterest income 49,542 $ 62,453 $ 113,453 $ 45,455 40,750 $ 41,048 $ 120,513 $ 37,483 35,980 $ 43,790 $ 105,025 $ 37,751 270,904 239,794 222,545
Noninterest expense                         343,683 319,051 333,160
Income (loss) before income tax expense (benefit)                         156,446 115,005 97,942
Total assets 6,690,650       6,092,074       6,182,890       6,690,650 6,092,074 6,182,890
Goodwill 309,505       309,505       309,505       309,505 309,505 309,505
Total deposits 5,514,971       4,979,200       4,337,005       5,514,971 4,979,200 4,337,005
Consumer                              
Segment data [Abstract]                              
Net interest income (expense)                         92,133 93,245 69,131
Provision for credit losses                         35,765 21,807 25,138
Noninterest income                         195,708 158,284 162,212
Noninterest expense                         90,800 76,521 76,931
Income (loss) before income tax expense (benefit)                         161,276 153,201 129,274
Total assets 372,115       294,937       436,985       372,115 294,937 436,985
Goodwill 87,145       87,145       87,145       87,145 87,145 87,145
Total deposits 5,342,192       4,555,999       2,444,452       5,342,192 4,555,999 2,444,452
Commercial                              
Segment data [Abstract]                              
Net interest income (expense)                         173,325 150,766 152,565
Provision for credit losses                         19,791 29,296 21,901
Noninterest income                         61,813 60,151 54,224
Noninterest expense                         114,917 107,802 127,033
Income (loss) before income tax expense (benefit)                         100,430 73,819 57,855
Total assets 3,191,215       2,836,149       2,432,381       3,191,215 2,836,149 2,432,381
Goodwill 222,360       222,360       222,360       222,360 222,360 222,360
Total deposits 6,625       6,226       5,588       6,625 6,226 5,588
Corporate Services/Other                              
Segment data [Abstract]                              
Net interest income (expense)                         13,533 15,027 42,511
Provision for credit losses                         (5,790) 13,673 8,611
Noninterest income                         13,383 21,359 6,109
Noninterest expense                         137,966 134,728 129,196
Income (loss) before income tax expense (benefit)                         (105,260) (112,015) (89,187)
Total assets 3,127,320       2,960,988       3,313,524       3,127,320 2,960,988 3,313,524
Goodwill 0       0       0       0 0 0
Total deposits $ 166,154       $ 416,975       $ 1,886,965       $ 166,154 $ 416,975 $ 1,886,965
v3.21.2
PARENT COMPANY FINANCIAL STATEMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
ASSETS                                
Cash and cash equivalents $ 314,019       $ 427,367               $ 314,019 $ 427,367    
Investment securities held to maturity, at cost 52,944       87,183               52,944 87,183    
Other assets 79,764       82,983               79,764 82,983    
Total assets 6,690,650       6,092,074       $ 6,182,890       6,690,650 6,092,074 $ 6,182,890  
LIABILITIES                                
Subordinated debentures, net of issuance costs 73,980       73,807               73,980 73,807    
Other liabilities 210,382       165,419               210,382 165,419    
Total liabilities 5,818,766       5,244,766               5,818,766 5,244,766    
STOCKHOLDERS' EQUITY                                
Additional paid-in capital 604,484       594,569               604,484 594,569    
Retained earnings 259,189       234,927               259,189 234,927    
Treasury stock, at cost 7,599       17,542               7,599 17,542    
Treasury stock, at cost (860)       (3,677)               (860) (3,677)    
Total equity attributable to parent 870,729       843,705               870,729 843,705    
Noncontrolling interest 1,155       3,603               1,155 3,603    
Total stockholders' equity 871,884       847,308       843,958       871,884 847,308 843,958 $ 747,726
Total liabilities and stockholders' equity 6,690,650       6,092,074               6,690,650 6,092,074    
CONDENSED STATEMENTS OF OPERATIONS [Abstract]                                
Interest expense 1,389 $ 1,508 $ 1,819 $ 2,147 3,894 $ 5,269 $ 11,666 $ 12,974 15,211 $ 14,664 $ 16,944 $ 14,704 6,863 33,803 61,522  
Other expense                         343,683 319,051 333,160  
Income tax expense (benefit)                         10,701 5,661 (3,374)  
Net income before noncontrolling interest                         145,745 109,344 101,316  
Net income attributable to parent 15,903 38,701 59,066 28,037 13,158 18,190 52,304 21,068 20,195 29,291 32,120 15,398 141,708 104,720 97,004  
Cash flows from operating activities:                                
Net income attributable to parent 15,903 $ 38,701 $ 59,066 28,037 13,158 $ 18,190 $ 52,304 21,068 20,195 $ 29,291 $ 32,120 15,398 141,708 104,720 97,004  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                                
Depreciation, amortization and accretion, net                         59,047 60,745 55,149  
Stock compensation                         6,852 10,221 12,942  
Other assets                         825 1,524 (5,427)  
Accrued expenses and other liabilities                         45,264 8,643 16,623  
Net cash provided by operating activities                         581,645 467,220 191,012  
Cash flows from investing activities:                                
Net cash (used in) investing activities                         (1,118,402) (206,316) (339,198)  
Cash flows from financing activities:                                
Cash dividends paid                         (6,400) (7,100) (7,760)  
Exercise of stock options and issuance of common stock                         0 266 44  
Issuance of restricted stock                         0 2 3  
Shares repurchased for tax withholding on stock compensation                         (99,878) (118,738) (49,912)  
Net cash provided by financing activities                         422,933 40,019 174,876  
Net change in cash and cash equivalents                         (113,348) 300,822 26,568  
Cash and cash equivalents at beginning of fiscal year       427,367       126,545       99,977 427,367 126,545 99,977  
Cash and cash equivalents at end of fiscal period 314,019       427,367       126,545       314,019 427,367 126,545  
Meta Financial                                
ASSETS                                
Cash and cash equivalents 3,296       4,783               3,296 4,783    
Investment securities held to maturity, at cost 4,623       1,208               4,623 1,208    
Investment in subsidiaries 956,584       933,431               956,584 933,431    
Other assets 278       3,308               278 3,308    
Total assets 964,781       942,730               964,781 942,730    
LIABILITIES                                
Subordinated debentures, net of issuance costs 87,641       87,468               87,641 87,468    
Other liabilities 5,256       7,954               5,256 7,954    
Total liabilities 92,897       95,422               92,897 95,422    
STOCKHOLDERS' EQUITY                                
Common stock 317       344               317 344    
Additional paid-in capital 604,484       594,569               604,484 594,569    
Retained earnings 259,189       234,927               259,189 234,927    
Treasury stock, at cost 7,599       17,542               7,599 17,542    
Treasury stock, at cost (860)       (3,677)               (860) (3,677)    
Total equity attributable to parent 870,729       843,705               870,729 843,705    
Noncontrolling interest 1,155       3,603               1,155 3,603    
Total stockholders' equity 871,884       847,308               871,884 847,308    
Total liabilities and stockholders' equity 964,781       942,730               964,781 942,730    
CONDENSED STATEMENTS OF OPERATIONS [Abstract]                                
Interest expense                         4,915 5,168 5,296  
Other expense                         1,287 1,256 1,044  
Total expense                         6,202 6,424 6,340  
Loss before income taxes and equity in undistributed net income of subsidiaries                         (6,202) (6,424) (6,340)  
Income tax expense (benefit)                         395 (3,638) (1,374)  
Loss before equity in undistributed net income of subsidiaries                         (6,597) (2,786) (4,966)  
Equity in undistributed net income of subsidiaries                         147,895 107,476 101,970  
Other Income                         410 30 0  
Net income before noncontrolling interest                         148,305 107,506 101,970  
Net income attributable to parent                         141,708 104,720 97,004  
Cash flows from operating activities:                                
Net income attributable to parent                         141,708 104,720 97,004  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                                
Depreciation, amortization and accretion, net                         173 163 153  
Equity in undistributed net income of subsidiaries                         (147,895) (107,476) (101,970)  
Stock compensation                         6,852 10,221 12,942  
Other assets                         3,030 (3,149) (35)  
Accrued expenses and other liabilities                         (2,698) (2,660) (6,468)  
Cash dividend received                         104,000 118,000 33,980  
Net cash provided by operating activities                         105,170 119,819 35,606  
Cash flows from investing activities:                                
Alternative investments                         (3,415) (797) 0  
Net cash (used in) investing activities                         (3,415) (797) 0  
Cash flows from financing activities:                                
Cash dividends paid                         (6,400) (7,100) (7,760)  
Purchase of shares by ESOP                         3,036 3,220 2,011  
Exercise of stock options and issuance of common stock                         0 266 44  
Issuance of restricted stock                         0 2 3  
Net increase in investment in subsidiaries                         0 0 (90)  
Shares repurchased for tax withholding on stock compensation                         (99,878) (118,738) (49,912)  
Net cash provided by financing activities                         (103,242) (122,350) (55,704)  
Net change in cash and cash equivalents                         (1,487) (3,328) (20,098)  
Cash and cash equivalents at beginning of fiscal year       $ 4,783       $ 8,111       $ 28,209 4,783 8,111 28,209  
Cash and cash equivalents at end of fiscal period $ 3,296       $ 4,783       $ 8,111       $ 3,296 $ 4,783 $ 8,111  
v3.21.2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Quarterly Financial Information Disclosure [Abstract]                              
Interest and dividend income $ 72,056 $ 69,983 $ 75,669 $ 68,146 $ 68,407 $ 67,406 $ 79,403 $ 77,625 $ 80,828 $ 81,632 $ 88,294 $ 74,976 $ 285,854 $ 292,841 $ 325,729
Interest expense 1,389 1,508 1,819 2,147 3,894 5,269 11,666 12,974 15,211 14,664 16,944 14,704 6,863 33,803 61,522
Net interest income (expense) 70,667 68,475 73,850 65,999 64,513 62,137 67,737 64,651 65,617 66,968 71,350 60,272 278,991 259,038 264,207
Provision for credit losses 8,775 4,612 30,290 6,089 8,980 15,093 37,296 3,407 4,121 9,112 33,318 9,099 49,766 64,776 55,650
Noninterest income 49,542 62,453 113,453 45,455 40,750 41,048 120,513 37,483 35,980 43,790 105,025 37,751 270,904 239,794 222,545
Net income attributable to Meta Financial Group, Inc. $ 15,903 $ 38,701 $ 59,066 $ 28,037 $ 13,158 $ 18,190 $ 52,304 $ 21,068 $ 20,195 $ 29,291 $ 32,120 $ 15,398 $ 141,708 $ 104,720 $ 97,004
Earnings per common share                              
Basic (in dollars per share) $ 0.50 $ 1.21 $ 1.84 $ 0.84 $ 0.38 $ 0.53 $ 1.45 $ 0.56 $ 0.53 $ 0.75 $ 0.81 $ 0.39 $ 4.38 $ 2.94 $ 2.49
Diluted (in dollars per share) 0.50 1.21 1.84 0.84 0.38 0.53 1.45 0.56 0.53 0.75 0.81 0.39 $ 4.38 $ 2.94 $ 2.49
Dividend declared per share (in dollars per share) $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.05      
v3.21.2
FAIR VALUES OF FINANCIAL INSTRUMENTS - Assets Measured at Fair Value on Recurring and Non-recurring Basis (Details) - USD ($)
Sep. 30, 2021
Sep. 30, 2020
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]    
Transfers between levels of fair value hierarchy $ 0 $ 0
Available For Sale    
Mortgage-backed securities available for sale, at fair value 1,017,029,000 453,607,000
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets, net 2,077,000 9,957,000
Level 1    
Available For Sale    
Total debt securities AFS 0 0
Common equities and mutual funds 12,668,000 2,969,000
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Level 2    
Available For Sale    
Total debt securities AFS 1,864,899,000 1,268,102,000
Common equities and mutual funds 0 0
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Level 3    
Available For Sale    
Total debt securities AFS 0 0
Common equities and mutual funds 0 0
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 3,616,646,000 3,307,037,000
Recurring    
Available For Sale    
Corporate securities 25,000,000  
SBA securities 157,209,000 164,955,000
Obligations of states and political subdivisions 2,507,000 841,000
Non-bank qualified obligations of states and political subdivisions 268,295,000 323,774,000
Asset-backed securities 394,859,000 324,925,000
Mortgage-backed securities available for sale, at fair value 1,017,029,000 453,607,000
Total debt securities AFS 1,864,899,000 1,268,102,000
Common equities and mutual funds 12,668,000 2,969,000
Investment securities available for sale, at fair value 4,560,000 2,784,000
Recurring | Level 1    
Available For Sale    
Corporate securities 0  
SBA securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Asset-backed securities 0 0
Mortgage-backed securities available for sale, at fair value 0 0
Total debt securities AFS 0 0
Common equities and mutual funds 12,668,000 2,969,000
Investment securities available for sale, at fair value 0 0
Recurring | Level 2    
Available For Sale    
Corporate securities 25,000,000  
SBA securities 157,209,000 164,955,000
Obligations of states and political subdivisions 2,507,000 841,000
Non-bank qualified obligations of states and political subdivisions 268,295,000 323,774,000
Asset-backed securities 394,859,000 324,925,000
Mortgage-backed securities available for sale, at fair value 1,017,029,000 453,607,000
Total debt securities AFS 1,864,899,000 1,268,102,000
Common equities and mutual funds 0 0
Investment securities available for sale, at fair value 0 0
Recurring | Level 3    
Available For Sale    
Corporate securities 0  
SBA securities 0 0
Obligations of states and political subdivisions 0 0
Non-bank qualified obligations of states and political subdivisions 0 0
Asset-backed securities 0 0
Mortgage-backed securities available for sale, at fair value 0 0
Total debt securities AFS 0 0
Common equities and mutual funds 0 0
Investment securities available for sale, at fair value 0 0
Nonrecurring    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 14,852,000 19,217,000
Nonrecurring | National Lending    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 3,404,000 9,240,000
Nonrecurring | Community Banking    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 9,371,000 20,000
Nonrecurring | Impaired Loans    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 12,775,000 9,260,000
Nonrecurring | Foreclosed Assets    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets, net 2,077,000 9,957,000
Nonrecurring | Level 1    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 1 | National Lending    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 1 | Community Banking    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 1 | Impaired Loans    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 1 | Foreclosed Assets    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets, net 0 0
Nonrecurring | Level 2    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 2 | National Lending    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 2 | Community Banking    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 2 | Impaired Loans    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 0 0
Nonrecurring | Level 2 | Foreclosed Assets    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets, net 0 0
Nonrecurring | Level 3    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 14,852,000 19,217,000
Nonrecurring | Level 3 | National Lending    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 3,404,000 9,240,000
Nonrecurring | Level 3 | Community Banking    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 9,371,000 20,000
Nonrecurring | Level 3 | Impaired Loans    
Fair value of assets measured on non-recurring basis [Abstract]    
Loans and leases 12,775,000 9,260,000
Nonrecurring | Level 3 | Foreclosed Assets    
Fair value of assets measured on non-recurring basis [Abstract]    
Foreclosed real estate and repossessed assets, net $ 2,077,000 $ 9,957,000
v3.21.2
FAIR VALUES OF FINANCIAL INSTRUMENTS - Quantitative Information (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Valuation, Market Approach | Minimum | Measurement Input, Discount Rate    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 0.04  
Valuation, Market Approach | Maximum | Measurement Input, Discount Rate    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 0.90  
Level 3    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Impaired Loans, Net $ 3,616,646 $ 3,307,037
Impaired Loans | Level 3 | Valuation, Market Approach    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Impaired Loans, Net $ 12,775 9,260
Impaired Loans | Level 3 | Valuation, Market Approach | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 4.00%  
Impaired Loans | Level 3 | Valuation, Market Approach | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 90.00%  
Foreclosed Assets | Level 3 | Valuation, Market Approach    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Impaired Loans, Net $ 2,077 $ 9,957
Foreclosed Assets | Level 3 | Valuation, Market Approach | Minimum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 4.00%  
Foreclosed Assets | Level 3 | Valuation, Market Approach | Maximum    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Range of estimated selling cost 30.00%  
v3.21.2
FAIR VALUES OF FINANCIAL INSTRUMENTS - Balance Sheet Grouping (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Sep. 30, 2020
Financial assets    
Debt securities held to maturity $ 56,391 $ 93,745
Level 1    
Financial assets    
Cash and cash equivalents 314,019 427,367
Debt securities available for sale 0 0
Debt securities held to maturity 0 0
Common equities and mutual funds 12,668 2,969
Non-marketable equity securities 0 0
Loans held for sale 0 0
Loans and leases 0 0
Federal Reserve Bank and Federal Home Loan Bank stocks 0 0
Accrued interest receivable 16,254 16,628
Financial liabilities    
Deposits 5,482,471 4,705,028
Other short- and long-term borrowings 0 0
Accrued interest payable 579 1,923
Level 2    
Financial assets    
Cash and cash equivalents 0 0
Debt securities available for sale 1,864,899 1,268,102
Debt securities held to maturity 56,391 93,745
Common equities and mutual funds 0 0
Non-marketable equity securities 12,949 12,000
Loans held for sale 56,194 183,577
Loans and leases 0 0
Federal Reserve Bank and Federal Home Loan Bank stocks 28,400 27,138
Accrued interest receivable 0 0
Financial liabilities    
Deposits 32,564 275,045
Other short- and long-term borrowings 93,938 100,185
Accrued interest payable 0 0
Level 3    
Financial assets    
Cash and cash equivalents 0 0
Debt securities available for sale 0 0
Debt securities held to maturity 0 0
Common equities and mutual funds 0 0
Non-marketable equity securities 0 0
Loans held for sale 0 0
Loans and leases 3,616,646 3,307,037
Federal Reserve Bank and Federal Home Loan Bank stocks 0 0
Accrued interest receivable 0 0
Financial liabilities    
Deposits 0 0
Other short- and long-term borrowings 0 0
Accrued interest payable 0 0
Carrying Amount    
Financial assets    
Cash and cash equivalents 314,019 427,367
Debt securities available for sale 1,864,899 1,268,102
Debt securities held to maturity 56,669 92,610
Common equities and mutual funds 12,668 2,969
Non-marketable equity securities 17,509 14,784
Loans held for sale 56,194 183,577
Loans and leases 3,607,815 3,314,140
Federal Reserve Bank and Federal Home Loan Bank stocks 28,400 27,138
Accrued interest receivable 16,254 16,628
Financial liabilities    
Deposits 5,514,971 4,979,200
Other short- and long-term borrowings 92,834 98,224
Accrued interest payable 579 1,923
Estimated Fair Value    
Financial assets    
Cash and cash equivalents 314,019 427,367
Debt securities available for sale 1,864,899 1,268,102
Debt securities held to maturity 56,391 93,745
Common equities and mutual funds 12,668 2,969
Non-marketable equity securities 17,509 14,784
Loans held for sale 56,194 183,577
Loans and leases 3,616,646 3,307,037
Federal Reserve Bank and Federal Home Loan Bank stocks 28,400 27,138
Accrued interest receivable 16,254 16,628
Financial liabilities    
Deposits 5,515,035 4,980,073
Other short- and long-term borrowings 93,938 100,185
Accrued interest payable $ 579 $ 1,923
v3.21.2
SUBSEQUENT EVENTS (Details) - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Nov. 20, 2021
Nov. 19, 2021
Oct. 19, 2021
Oct. 13, 2021
Oct. 01, 2021
Nov. 18, 2021
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Subsequent Event [Line Items]                  
Stock repurchased during period (in shares)             101,481 103,830  
Loans and leases to held for sale             $ 188,638 $ 542,101 $ 99,992
Proceeds from held-for-sale loans             890,300 590,800  
Allowance for credit losses released             57,273 41,761 $ 42,854
Community Banking                  
Subsequent Event [Line Items]                  
Allowance for credit losses released             $ 144 $ 0  
Subsequent Event                  
Subsequent Event [Line Items]                  
Percent of eligible compensation contributed 6.00% 4.00%     6.00%        
Stock repurchased during period (in shares)           1,252,145      
Subsequent Event | Community Banking                  
Subsequent Event [Line Items]                  
Loans and leases to held for sale     $ 170,000            
Proceeds from held-for-sale loans       $ 30,200          
Allowance for credit losses released       $ 1,000