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SUBSEQUENT EVENTS | 6 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Management has evaluated subsequent events that occurred after March 31, 2020. During this period, up to the filing date of this Quarterly Report on Form 10-Q, management identified the following subsequent events: •Through May 4, 2020, the Company authorized 673 applications, totaling $215.4 million in loan requests for the Paycheck Protection Program. •Through May 4, 2020, the Company made short term payment deferral modifications of $267.9 million, and $71.9 million in other COVID-19-related loan modifications due to credit-worthy borrowers experiencing temporary hardship from COVID-19. These modifications consisted primarily of payment deferrals ranging from 30 days to six months and are not considered TDRs under applicable guidance. •On April 29, 2020, the Company entered into an amendment to its existing agreement with the U.S. Department of the Treasury's Bureau of the Fiscal Service, pursuant to which the Bank will provide debit card services to support the distribution of a segment of the Economic Impact Payments payable by the Internal Revenue Service under the CARES Act. •The Bank, which previously operated as a federal savings bank, converted to a national bank charter pursuant to the Home Owners Loan Act and the National Bank Act (the “Bank Conversion”). The Bank Conversion was consummated on April 1, 2020. As a result of the Bank Conversion, the Bank has increased banking powers and no longer is subject to qualified thrift lending requirements. As a result of the Bank Conversion, the legal name of the Bank is now “MetaBank, National Association.” The capital, business, headquarters and board of directors of the Bank has not changed as a result of the Bank Conversion. •As a prerequisite to the Bank Conversion, the Company applied to the FRB to convert from a savings and loan holding company ("SLHC") to a bank holding company (“BHC”) pursuant to Section 3 of the Bank Holding Company Act (“BHCA”) (the “HoldCo Conversion”). As part of this process, the Company also elected to become a financial holding company (“FHC”), as such term is defined in the BHCA, as of the effective date of the HoldCo Conversion. To qualify as an FHC, both the Bank and the Company had to be deemed “well capitalized” and “well managed” under applicable federal banking law and the Bank was required to have at least a “Satisfactory” rating under the CRA as of its most recent CRA exam. A financial holding company may, subject to regulatory requirements, engage in certain financial activities that are not otherwise permissible for a BHC, including securities underwriting and dealing, insurance agency and underwriting activities, and merchant banking activities. The HoldCo Conversion also was consummated on April 1, 2020. The capital, business, headquarters and board of directors of the Company have not changed as a result of the HoldCo Conversion.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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