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SEGMENT INFORMATION | 9 Months Ended
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Jun. 30, 2015
SEGMENT INFORMATION [Abstract] |
SEGMENT INFORMATION |
NOTE 9. | SEGMENT INFORMATION
An operating segment is generally defined as a component of a business for which discrete financial information is available and whose results are reviewed by the chief operating decision-maker. Operating segments are aggregated into reportable segments if certain criteria are met. The Company has determined that it has two reportable segments. The first reportable segment, Retail Banking, a division of the Bank, operates as a traditional community bank providing deposit, loan and other related products to individuals and small businesses, primarily in the communities where its offices are located. The second reportable segment, MPS, is also a division of the Bank. MPS provides a number of products and services to financial institutions and other businesses. These products and services include issuance of prepaid debit cards, sponsorship of Automated Teller Machines into the debit networks, credit programs, Automated Clearing House (“ACH”) origination services, gift card programs, rebate programs, travel programs, and tax related programs. Other programs are in the process of development. The remaining grouping under the caption “All Others” consists of the operations of the Company and inter-segment eliminations as well as specialty lending. Transactions between affiliates, the resulting revenues of which are shown in the intersegment revenue category, are conducted at market prices, meaning prices that would be paid if the companies were not affiliates. The following tables present segment data for the Company for the three and nine months ended June 30, 2015 and 2014, respectively.
|  | Retail Banking |  |  | Meta Payment Systems® |  |  | All Others |  |  | Total |
Three Months Ended June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 7,780 |  |  | $ | 5,667 |  |  | $ | 1,807 |  |  |  | 15,254 |
Interest expense |  |  | 393 |  |  |  | 47 |  |  |  | 153 |  |  |  | 593 |
Net interest income (expense) |  |  | 7,387 |  |  |  | 5,620 |  |  |  | 1,654 |  |  |  | 14,661 |
Provision (recovery) for loan losses |  |  | 600 |  |  |  | - |  |  |  | 100 |  |  |  | 700 |
Non-interest income |  |  | 1,227 |  |  |  | 13,808 |  |  |  | 389 |  |  |  | 15,424 |
Non-interest expense |  |  | 6,497 |  |  |  | 16,431 |  |  |  | 1,545 |  |  |  | 24,473 |
Income (loss) before income tax expense (benefit) |  |  | 1,517 |  |  |  | 2,997 |  |  |  | 398 |  |  |  | 4,912 |
Income tax expense (benefit) |  |  | 136 |  |  |  | 132 |  |  |  | 4 |  |  |  | 272 |
Net income (loss) |  | $ | 1,381 |  |  | $ | 2,865 |  |  | $ | 394 |  |  | $ | 4,640 |
Inter-segment revenue (expense) |  | $ | (4,126 | ) |  |  | 4,126 |  |  | $ | - |  |  | $ | - |
Total assets |  |  | 766,129 |  |  |  | 1,453,771 |  |  |  | 90,083 |  |  |  | 2,309,983 |
Total deposits |  |  | 224,982 |  |  |  | 1,294,757 |  |  |  | (6,532 | ) |  |  | 1,513,207 |
|  | Retail Banking |  |  | Meta Payment Systems® |  |  | All Others |  |  | Total |
Nine Months Ended June 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 25,096 |  |  | $ | 15,837 |  |  | $ | 4,311 |  |  | $ | 45,244 |
Interest expense |  |  | 1,181 |  |  |  | 138 |  |  |  | 408 |  |  |  | 1,727 |
Net interest income (expense) |  |  | 23,915 |  |  |  | 15,699 |  |  |  | 3,903 |  |  |  | 43,517 |
Provision (recovery) for loan losses |  |  | 1,000 |  |  |  | - |  |  |  | 341 |  |  |  | 1,341 |
Non-interest income |  |  | 1,546 |  |  |  | 40,468 |  |  |  | 1,054 |  |  |  | 43,068 |
Non-interest expense |  |  | 17,657 |  |  |  | 48,164 |  |  |  | 4,484 |  |  |  | 70,305 |
Income (loss) before income tax expense (benefit) |  |  | 6,804 |  |  |  | 8,003 |  |  |  | 132 |  |  |  | 14,939 |
Income tax expense (benefit) |  |  | 676 |  |  |  | 1,030 |  |  |  | (183 | ) |  |  | 1,523 |
Net income (loss) |  | $ | 6,128 |  |  | $ | 6,973 |  |  | $ | 315 |  |  | $ | 13,416 |
Inter-segment revenue (expense) |  | $ | (12,106 | ) |  | $ | 12,106 |  |  | $ | - |  |  | $ | - |
Total assets |  |  | 766,129 |  |  |  | 1,453,771 |  |  |  | 90,083 |  |  |  | 2,309,983 |
Total deposits |  |  | 224,982 |  |  |  | 1,294,757 |  |  |  | (6,532 | ) |  |  | 1,513,207 |
|  | Retail Banking |  |  | Meta Payment Systems® |  |  | All Others |  |  | Total |
Three Months Ended June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 8,223 |  |  | $ | 4,343 |  |  | $ | - |  |  | $ | 12,566 |
Interest expense |  |  | 499 |  |  |  | 27 |  |  |  | 112 |  |  |  | 638 |
Net interest income (expense) |  |  | 7,724 |  |  |  | 4,316 |  |  |  | (112 | ) |  |  | 11,928 |
Provision (recovery) for loan losses |  |  | 300 |  |  |  | - |  |  |  | - |  |  |  | 300 |
Non-interest income |  |  | 732 |  |  |  | 11,749 |  |  |  | - |  |  |  | 12,481 |
Non-interest expense |  |  | 4,852 |  |  |  | 13,904 |  |  |  | 81 |  |  |  | 18,837 |
Income (loss) before income tax expense (benefit) |  |  | 3,304 |  |  |  | 2,161 |  |  |  | (193 | ) |  |  | 5,272 |
Income tax expense (benefit) |  |  | 653 |  |  |  | 495 |  |  |  | (80 | ) |  |  | 1,068 |
Net income (loss) |  | $ | 2,651 |  |  | $ | 1,666 |  |  | $ | (113 | ) |  | $ | 4,204 |
Inter-segment revenue (expense) |  | $ | 2,976 |  |  |  | (2,976 | ) |  | $ | - |  |  | $ | - |
Total assets |  |  | 678,116 |  |  |  | 1,241,967 |  |  |  | 3,250 |  |  |  | 1,923,333 |
Total deposits |  |  | 254,215 |  |  |  | 1,098,262 |  |  |  | (6,418 | ) |  |  | 1,346,059 |
|  | Retail Banking |  |  | Meta Payment Systems® |  |  | All Others |  |  | Total |
Nine Months Ended June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 23,481 |  |  | $ | 12,309 |  |  | $ | - |  |  | $ | 35,790 |
Interest expense |  |  | 1,410 |  |  |  | 84 |  |  |  | 337 |  |  |  | 1,831 |
Net interest income (expense) |  |  | 22,071 |  |  |  | 12,225 |  |  |  | (337 | ) |  |  | 33,959 |
Provision (recovery) for loan losses |  |  | 600 |  |  |  | - |  |  |  | - |  |  |  | 600 |
Non-interest income |  |  | 2,540 |  |  |  | 36,591 |  |  |  | - |  |  |  | 39,131 |
Non-interest expense |  |  | 15,306 |  |  |  | 41,619 |  |  |  | 716 |  |  |  | 57,641 |
Income (loss) before income tax expense (benefit) |  |  | 8,705 |  |  |  | 7,197 |  |  |  | (1,053 | ) |  |  | 14,849 |
Income tax expense (benefit) |  |  | 1,489 |  |  |  | 1,400 |  |  |  | (389 | ) |  |  | 2,500 |
Net income (loss) |  | $ | 7,216 |  |  | $ | 5,797 |  |  | $ | (664 | ) |  | $ | 12,349 |
Inter-segment revenue (expense) |  | $ | 9,602 |  |  | $ | (9,602 | ) |  | $ | - |  |  | $ | - |
Total assets |  |  | 678,116 |  |  |  | 1,241,967 |  |  |  | 3,250 |  |  |  | 1,923,333 |
Total deposits |  |  | 254,215 |  |  |  | 1,098,262 |  |  |  | (6,418 | ) |  |  | 1,346,059 |
The following tables present gross profit data for MPS for the three and nine months ended June 30, 2015 and 2014.
Three Months Ended June 30, |  | 2015 |  |  | 2014 |
Interest income |  | $ | 5,667 |  |  | $ | 4,343 |
Interest expense |  |  | 47 |  |  |  | 27 |
Net interest income |  |  | 5,620 |  |  |  | 4,316 |
Provision (recovery) for loan losses |  |  | - |  |  |  | - |
Non-interest income |  |  | 13,808 |  |  |  | 11,749 |
Card processing expense |  |  | 3,863 |  |  |  | 3,843 |
Gross Profit |  |  | 15,565 |  |  |  | 12,222 |
Other non-interest expense |  |  | 12,568 |  |  |  | 10,061 |
Income (loss) before income tax expense (benefit) |  |  | 2,997 |  |  |  | 2,161 |
Income tax expense (benefit) |  |  | 132 |  |  |  | 495 |
Net Income (Loss) |  | $ | 2,865 |  |  | $ | 1,666 |
Nine Months Ended June 30, |  | 2015 |  |  | 2014 |
Interest income |  | $ | 15,837 |  |  | $ | 12,309 |
Interest expense |  |  | 138 |  |  |  | 84 |
Net interest income |  |  | 15,699 |  |  |  | 12,225 |
Provision (recovery) for loan losses |  |  | - |  |  |  | - |
Non-interest income |  |  | 40,468 |  |  |  | 36,591 |
Card processing expense |  |  | 12,358 |  |  |  | 11,643 |
Gross Profit |  |  | 43,809 |  |  |  | 37,173 |
Other non-interest expense |  |  | 35,806 |  |  |  | 29,976 |
Income (loss) before income tax expense (benefit) |  |  | 8,003 |  |  |  | 7,197 |
Income tax expense |  |  | 1,030 |  |  |  | 1,400 |
Net Income |  | $ | 6,973 |  |  | $ | 5,797 |

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