PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Sep. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Presented below are the condensed financial statements for the parent company, Meta.


Condensed Statements of Financial Condition
(Dollars in Thousands)	September 30, 2021		September 30, 2020
ASSETS
Cash and cash equivalents	$	3,296	$	4,783
Investment securities held to maturity, at cost	4,623		1,208
Investment in subsidiaries	956,584		933,431
Other assets	278		3,308
Total assets	$	964,781	$	942,730

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Subordinated debentures	$	87,641	$	87,468
Other liabilities	5,256		7,954
Total liabilities	92,897		95,422

STOCKHOLDERS' EQUITY
Common stock	317		344
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	(860)		(3,677)
Total equity attributable to parent	870,729		843,705
Non-controlling interest	1,155		3,603
Total stockholders' equity	871,884		847,308
Total liabilities and stockholders' equity	$	964,781	$	942,730


Condensed Statements of Operations
	Fiscal Years Ended September 30,
(Dollars in Thousands)	2021		2020		2019
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 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		—
Total Income	148,305		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)	2021		2020		2019
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



Net change:
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)		—
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 ESOP	3,036		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 year	4,783		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.