XML 48 R36.htm IDEA: XBRL DOCUMENT v3.19.2

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jun. 30, 2019

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 at June 30, 2019 and September 30, 2018, as they are measured at fair value on a recurring basis.

	Fair Value At June 30, 2019
(Dollars in Thousands)	Total				Level 1				Level 2				Level 3
Debt securities AFS
SBA securities	$	193,066			$	—			$	193,066			$	—
Obligations of states and political subdivisions	875				—				875				—
Non-bank qualified obligations of states and political subdivisions	460,660				—				460,660				—
Asset-backed securities	307,296				—				307,296				—
Mortgage-backed securities	395,201				—				395,201				—
Total debt securities AFS	$	1,357,098			$	—			$	1,357,098			$	—
Common equities and mutual funds(1)(2)	$	4,419			$	4,419			$	—			$	—

⁽¹⁾ Equity securities at fair value are included within other assets on the consolidated statement of financial condition at June 30, 2019 and September 30, 2018.

⁽²⁾ ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at June 30, 2019.

	Fair Value At September 30, 2018
(Dollars in Thousands)	Total				Level 1				Level 2				Level 3
Debt securities AFS
SBA securities	$	44,337			$	—			$	44,337			$	—
Obligations of states and political subdivisions	16,910				—				16,910				—
Non-bank qualified obligations of states and political subdivisions	1,109,885				—				1,109,885				—
Asset-backed securities	313,028				—				313,028				—
Mortgage-backed securities	364,065				—				364,065				—
Total debt securities AFS	1,848,225				—				1,848,225				—
Common equities and mutual funds(1)	3,800				3,800				—				—
Total securities	$	1,852,025			$	3,800			$	1,848,225			$	—

⁽¹⁾ Equity securities at fair value are included within other assets on the consolidated statement of financial condition at June 30, 2019 and September 30, 2018.

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes the assets of the Company that were measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of June 30, 2019 and September 30, 2018.

	Fair Value At June 30, 2019
(Dollars in Thousands)	Total				Level 1				Level 2				Level 3
Impaired Loans and Leases, net
Asset based lending	$	83			$	—			$	—			$	83
Factoring	3,960				—				—				3,960
Commercial finance	4,043				—				—				4,043
Total National Lending	4,043				—				—				4,043
Total impaired loans and leases	4,043				—				—				4,043
Foreclosed assets, net	29,514				—				—				29,514
Total	$	33,557			$	—			$	—			$	33,557

	Fair Value At September 30, 2018
(Dollars in Thousands)	Total				Level 1				Level 2				Level 3
Impaired loans and leases, net
Asset based lending	$	57			$	—			$	—			$	57
Factoring	1,899				—				—				1,899
Lease financing	2,869				—				—				2,869
Commercial finance	4,825				—				—				4,825
Total National Lending	4,825				—				—				4,825
Total impaired loans and leases	4,825				—				—				4,825
Foreclosed assets, net	31,638				—				—				31,638
Total	$	36,463			$	—			$	—			$	36,463

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in Thousands)

Fair Value at June 30, 2019

Fair Value at September 30, 2018

Valuation Technique

Unobservable Input

Range of Inputs

Impaired loans and leases, net

$

4,043

4,825

Market approach

Appraised values(1)

4.00 - 10.00%

Foreclosed assets, net

$

29,514

31,638

Market approach

Appraised values(1)

4.00 - 30.00%

⁽¹⁾ The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating selling costs and other inputs in a range of 4% to 30%.

Carrying Amount and Estimated Fair Value of Financial Instruments

The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at June 30, 2019 and September 30, 2018.

	June 30, 2019
(Dollars in Thousands)	Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	100,732			$	100,732			$	100,732			$	—			$	—
Debt securities available for sale	1,357,098				1,357,098				—				1,357,098				—
Debt securities held to maturity	145,542				142,938				—				142,938				—
Equity securities(1)	4,419				4,419				4,419				—				—
Total securities	1,507,059				1,504,455				4,419				1,500,036				—
Loans held for sale	62,839				62,839				—				62,839				—
Loans and leases:
Asset based lending	615,309				599,664				—				—				599,664
Factoring	320,344				316,278				—				—				316,278
Lease financing	341,957				338,804				—				—				338,804
Insurance premium finance	358,772				358,401				—				—				358,401
SBA/USDA	99,791				94,391				—				—				94,391
Other commercial finance	99,677				101,145				—				—				101,145
Commercial finance	1,835,850				1,808,683				—				—				1,808,683
Consumer credit products	155,539				156,539				—				—				156,539
Other consumer finance	164,727				160,239				—				—				160,239
Consumer finance	320,266				316,778				—				—				316,778
Tax services	24,410				8,985				—				—				8,985
Warehouse finance	250,003				250,053				—				—				250,053
Total National Lending	2,430,529				2,384,499				—				—				2,384,499
Commercial real estate and operating	877,412				867,725				—				—				867,725
Consumer one to four family real estate and other	256,853				258,359				—				—				258,359
Agricultural real estate and operating	61,169				59,270				—				—				59,270
Total Community Banking	1,195,434				1,185,354				—				—				1,185,354
Total loans and leases	3,625,963				3,569,853				—				—				3,569,853
Federal Home Loan Bank stock	17,236				17,236				—				17,236				—
Accrued interest receivable	19,722				19,722				19,722				—				—
Financial liabilities
Noninterest-bearing demand deposits	2,751,931				2,751,931				2,751,931				—				—
Interest-bearing demand deposits, savings, and money markets	278,585				278,585				278,585				—				—
Time certificates of deposits	116,698				116,657				—				116,657				—
Wholesale non-maturing deposits	216,598				216,598				216,598				—				—
Wholesale time certificates of deposits	1,411,402				1,412,931				—				1,412,931				—
Total deposits	4,775,214				4,776,702				3,247,114				1,529,588				—
Overnight federal funds purchased	135,000				135,000				135,000				—				—
Long-term Federal Home Loan Bank advances	110,000				110,578				—				110,578				—
Securities sold under agreements to repurchase	3,658				3,658				—				3,658				—
Capital leases	1,972				1,972				—				1,972				—
Trust preferred securities	13,661				13,879				—				13,879				—
Subordinated debentures	73,605				76,875				—				76,875				—
Other borrowings	18,482				18,307				—				18,307				—
Accrued interest payable	12,350				12,350				12,350				—				—

⁽¹⁾ Equity securities at fair value are included within other assets on the consolidated statement of financial condition at June 30, 2019 and September 30, 2018.

	September 30, 2018
(Dollars in Thousands)	Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	99,977			$	99,977			$	99,977			$	—			$	—
Securities available for sale	1,852,025				1,852,025				3,800				1,848,225				—
Securities held to maturity	172,154				160,974				—				160,974				—
Total securities	2,024,179				2,012,999				3,800				2,009,199				—
Loans held for sale	15,606				15,606				—				15,606				—
Loans and leases:
Asset based lending	477,917				477,471				—				—				477,471
Factoring	284,221				283,424				—				—				283,424
Lease financing	265,315				264,679				—				—				264,679
Insurance premium finance	337,877				337,212				—				—				337,212
SBA/USDA	59,374				61,072				—				—				61,072
Other commercial finance	85,145				83,111				—				—				83,111
Commercial finance	1,509,849				1,506,969				—				—				1,506,969
Consumer credit products	80,605				80,633				—				—				80,633
Other consumer finance	189,756				197,320				—				—				197,320
Consumer finance	270,361				277,953				—				—				277,953
Tax services	1,073				1,073				—				—				1,073
Warehouse finance	65,000				64,978				—				—				64,978
Total National Lending	1,846,283				1,850,973				—				—				1,850,973
Commercial real estate and operating	790,890				773,203				—				—				773,203
Consumer one to four family real estate and other	247,318				244,730				—				—				244,730
Agricultural real estate and operating	60,498				58,849				—				—				58,849
Total Community Banking	1,098,706				1,076,782				—				—				1,076,782
Total loans and leases	2,944,989				2,927,755				—				—				2,927,755
Federal Home Loan Bank stock	23,400				23,400				—				23,400				—
Accrued interest receivable	22,016				22,016				22,016				—				—
Financial liabilities
Noninterest-bearing demand deposits	2,405,274				2,405,274				2,405,274				—				—
Interest-bearing demand deposits, savings, and money markets	218,347				218,347				218,347				—				—
Time certificates of deposits	276,180				273,800				—				273,800				—
Wholesale non-maturing deposits	94,384				94,384				94,384				—				—
Wholesale time certificates of deposits	1,436,802				1,432,146				—				1,432,146				—
Total deposits	4,430,987				4,423,951				2,718,005				1,705,946				—
Overnight federal funds purchased	422,000				422,000				422,000				—				—
Securities sold under agreements to repurchase	3,694				3,694				—				3,694				—
Capital leases	1,876				1,876				—				1,876				—
Trust preferred securities	13,661				13,866				—				13,866				—
Subordinated debentures	73,491				75,563				—				75,563				—
Accrued interest payable	7,794				7,794				7,794				—				—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration