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PARENT COMPANY FINANCIAL STATEMENTS
 12 Months Ended
Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL STATEMENTS
 
Presented below are condensed financial statements for the parent company, Meta Financial.
 
CONDENSED STATEMENTS OF FINANCIAL CONDITION
 
September 30,
2016
 
2015
 
(Dollars in Thousands)
ASSETS
 
 
 
Cash and cash equivalents
$
15,716

 
$
14,280

Investment in subsidiaries
403,574

 
267,623

Other assets
413

 
408

Total assets
$
419,703

 
$
282,311

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
 

 
 
 
 
LIABILITIES
 

 
 

Long term debt
$
83,521

 
$
10,310

Other liabilities
1,207

 
666

Total liabilities
$
84,728

 
$
10,976

 
 
 
 
STOCKHOLDERS' EQUITY
 

 
 

Common stock
$
85

 
$
82

Additional paid-in capital
184,780

 
170,749

Retained earnings
127,190

 
98,359

Accumulated other comprehensive income (loss)
22,920

 
2,455

Treasury stock, at cost
—

 
(310
)
Total stockholders' equity
$
334,975

 
$
271,335

Total liabilities and stockholders' equity
$
419,703

 
$
282,311



CONDENSED STATEMENTS OF OPERATIONS
 
Years Ended September 30,
2016
 
2015
 
2014
 
(Dollars in Thousands)
Interest expense
$
1,022

 
$
418

 
$
348

Other expense
382

 
269

 
770

Total expense
1,404

 
687

 
1,118

 
 
 
 
 
 
Gain (loss) before income taxes and equity in undistributed net income of subsidiaries
(1,404
)
 
(687
)
 
(1,118
)
 
 
 
 
 
 
Income tax (benefit)
(519
)
 
(324
)
 
(422
)
 
 
 
 
 
 
Gain (loss) before equity in undistributed net income of subsidiaries
(885
)
 
(363
)
 
(696
)
 
 
 
 
 
 
Equity in undistributed net income of subsidiaries
34,105

 
18,418

 
16,409

 
 
 
 
 
 
Net income
$
33,220

 
$
18,055

 
$
15,713


 
CONDENSED STATEMENTS OF CASH FLOWS
 
For the Years Ended September 30,
2016
 
2015
 
2014
 
(Dollars in Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
Net income
$
33,220

 
$
18,055

 
$
15,713

Adjustments to reconcile net income to net cash provided by (used in) operating activities
 

 
 

 
 

Depreciation, amortization and accretion, net
(22
)
 
—

 
(310
)
Equity in undistributed net income of subsidiaries
(34,105
)
 
(18,418
)
 
(16,409
)
Change in other assets
(5
)
 
(15
)
 
246

Change in other liabilities
541

 
378

 
(332
)
Net cash provided by (used in) operating activities
(371
)
 
—

 
(1,092
)
 
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITES
 

 
 

 
 

Capital contributions to subsidiaries
(81,000
)
 
(67,600
)
 
—

Net cash used in investing activities
(81,000
)
 
(67,600
)
 
—

 
 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

Cash dividends paid
(4,389
)
 
(3,493
)
 
(3,184
)
Stock compensation
427

 
253

 
4

Proceeds from issuance of common stock
11,500

 
75,471

 
(51
)
Proceeds from exercise of stock options
2,036

 
210

 
2,376

Proceeds from long term debt
75,000

 
—

 
—

Payment of debt issuance costs
(1,767
)
 
—

 
—

Other, net
—

 
—

 
—

Net cash provided by (used in) financing activities
82,807

 
72,441

 
(855
)
 
 
 
 
 
 
Net change in cash and cash equivalents
$
1,436

 
$
4,841

 
$
(1,947
)
 
 
 
 
 
 
CASH AND CASH EQUIVALENTS
 

 
 

 
 

Beginning of year
$
14,280

 
$
9,439

 
$
11,386

End of year
$
15,716

 
$
14,280

 
$
9,439



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