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Pathward Financial
CASH
#4675
Rank
NZ$3.42 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$153.44
Share price
-0.13%
Change (1 day)
19.35%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Pathward Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q2

Pathward Financial - 10-Q quarterly report FY2022 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to           .

Commission File Number:  0-22140

cash-20220331_g1.jpg
META FINANCIAL GROUP, INC.®
(Exact name of registrant as specified in its charter)
Delaware42-1406262
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

5501 South Broadband Lane, Sioux Falls, South Dakota 57108
(Address of principal executive offices and Zip Code)

(877) 497-7497
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueCASHThe NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes ☒  No ☐




Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company See the definitions of "large accelerated filer." "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated
filer		☒Accelerated
filer		☐Non-accelerated
filer		☐Smaller reporting
company		☐Emerging growth
company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class:
Outstanding at May 3, 2022:
Common Stock, $.01 par value29,364,982 Shares
Nonvoting Common Stock, $.01 par value0 Nonvoting shares




META FINANCIAL GROUP, INC.
FORM 10-Q

Table of Contents

DescriptionPage
PART I - Financial Information
Item 1.
2
 
2
   
 
3
   
 
4
   
 
5
   
 
7
   
 
8
Item 2.
36
Item 3.
48
Item 4.
50
  
PART II - Other Information
Item 1.
52
Item 1A.
52
Item 2.
52
Item 6.
53
54

i


PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements.
META FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)March 31, 2022September 30, 2021
ASSETS(Unaudited)(Audited)
Cash and cash equivalents$237,680 $314,019 
Securities available for sale, at fair value2,043,478 1,864,899 
Securities held to maturity, at amortized cost (fair value $45,436 and $56,391, respectively)
47,287 56,669 
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost28,812 28,400 
Loans held for sale31,410 56,194 
Loans and leases3,730,190 3,609,563 
Allowance for credit losses(88,552)(68,281)
Accrued interest receivable19,115 16,254 
Premises, furniture, and equipment, net43,167 44,888 
Rental equipment, net213,033 213,116 
Foreclosed real estate and repossessed assets, net112 2,077 
Goodwill and intangible assets338,795 342,653 
Prepaid assets15,264 10,513 
Other assets227,448 199,686 
Total assets$6,887,239 $6,690,650 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
LIABILITIES 
Deposits$5,829,886 $5,514,971 
Long-term borrowings91,386 92,834 
Accrued expenses and other liabilities202,561 210,961 
Total liabilities6,123,833 5,818,766 
STOCKHOLDERS’ EQUITY  
Preferred stock, 3,000,000 shares authorized, no shares issued and no shares outstanding at March 31, 2022 and September 30, 2021, respectively
— — 
Common stock, $0.01 par value; 90,000,000 shares authorized, 29,443,911 and 31,686,483 shares issued, 29,362,844 and 31,669,952 shares outstanding at March 31, 2022 and September 30, 2021, respectively
294 317 
Common stock, Nonvoting, $0.01 par value; 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2022 and September 30, 2021, respectively
— — 
Additional paid-in capital612,917 604,484 
Retained earnings223,760 259,189 
Accumulated other comprehensive income (loss)(69,374)7,599 
Treasury stock, at cost, 81,067 and 16,531 common shares at March 31, 2022 and September 30, 2021, respectively
(4,513)(860)
Total equity attributable to parent763,084 870,729 
Noncontrolling interest322 1,155 
Total stockholders’ equity763,406 871,884 
Total liabilities and stockholders’ equity$6,887,239 $6,690,650 
See Notes to Condensed Consolidated Financial Statements.
2



META FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31,Six Months Ended March 31,
(Dollars in thousands, except per share data)2022202120222021
Interest and dividend income:    
Loans and leases, including fees$75,540 $68,472 $140,575 $130,128 
Mortgage-backed securities5,446 2,608 9,310 4,730 
Other investments4,191 4,589 8,183 8,956 
 85,177 75,669 158,068 143,814 
Interest expense:    
Deposits165 445 306 1,241 
FHLB advances and other borrowings1,212 1,374 2,349 2,724 
 1,377 1,819 2,655 3,965 
Net interest income83,800 73,850 155,413 139,849 
Provision for credit losses32,302 30,290 32,488 36,379 
Net interest income after provision for credit losses51,498 43,560 122,925 103,470 
Noninterest income:    
Refund transfer product fees27,805 22,680 28,384 23,327 
Tax advance product fees39,299 44,562 40,532 46,522 
Payments card and deposit fees26,270 29,875 51,402 52,439 
Other bank and deposit fees250 133 487 370 
Rental income11,375 9,846 22,452 19,731 
Gain on sale of securities260 6 397 6 
Gain on sale of trademarks— — 50,000 — 
Gain (loss) on sale of other626 2,133 (2,839)4,981 
Other income3,881 4,218 5,542 11,532 
Total noninterest income109,766 113,453 196,357 158,908 
Noninterest expense:    
Compensation and benefits45,047 43,932 83,272 76,263 
Refund transfer product expense6,260 6,146 6,398 6,207 
Tax advance product expense2,002 2,189 2,185 2,559 
Card processing7,457 7,212 14,629 13,329 
Occupancy and equipment expense8,500 6,748 16,849 13,636 
Operating lease equipment depreciation 8,737 7,419 17,185 15,000 
Legal and consulting9,347 6,045 15,555 11,292 
Intangible amortization2,169 2,757 3,657 4,770 
Impairment expense— 554 — 1,713 
Other expense13,641 12,969 25,866 23,777 
Total noninterest expense103,160 95,971 185,596 168,546 
Income before income tax expense58,104 61,042 133,686 93,832 
Income tax expense8,002 1,133 22,278 4,665 
Net income before noncontrolling interest50,102 59,909 111,408 89,167 
Net income attributable to noncontrolling interest851 843 833 2,064 
Net income attributable to parent$49,251 $59,066 $110,575 $87,103 
Earnings per common share:    
Basic$1.66 $1.84 $3.66 $2.66 
Diluted$1.66 $1.84 $3.66 $2.65 
See Notes to Condensed Consolidated Financial Statements.
3
META FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended March 31,Six Months Ended March 31,
(Dollars in thousands)2022202120222021
Net income before noncontrolling interest$50,102 $59,909 $111,408 $89,167 
Other comprehensive income (loss):    
Change in net unrealized gain (loss) on debt securities(93,632)(9,923)(102,774)(7,077)
Net (gain) realized on investment securities(260)(6)(397)(6)
(93,892)(9,929)(103,171)(7,083)
Unrealized gain on currency translation143 126 209 571 
Deferred income tax effect(23,651)(2,493)(25,989)(1,779)
Total other comprehensive (loss)(70,098)(7,310)(76,973)(4,733)
Total comprehensive income (loss)(19,996)52,599 34,435 84,434 
Total comprehensive income attributable to noncontrolling interest851 843 833 2,064 
Comprehensive income (loss) attributable to parent$(20,847)$51,756 $33,602 $82,370 
See Notes to Condensed Consolidated Financial Statements.
4
META FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(Dollars in thousands, except per share data)
Meta Financial Group, Inc.
Three Months Ended March 31, 2022Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Total Meta
Stockholders’
Equity		Noncontrolling interestTotal
Stockholders’
Equity
Balance, December 31, 2021$301 $610,816 $217,991 $724 $(4,318)$825,514 $642 $826,156 
Cash dividends declared on common stock ($0.05 per share)
— — (1,482)— — (1,482)— (1,482)
Repurchases of common stock(7)7 (42,000)— (195)(42,195)— (42,195)
Stock compensation— 2,094 — — — 2,094 — 2,094 
Total other comprehensive (loss)— — — (70,098)— (70,098)— (70,098)
Net income— — 49,251 — — 49,251 851 50,102 
Net investment by (distribution to) noncontrolling interests— — — — — — (1,171)(1,171)
Balance, March 31, 2022
$294 $612,917 $223,760 $(69,374)$(4,513)$763,084 $322 $763,406 
Three Months Ended March 31, 2021
Balance, December 31, 2020$326 $598,669 $198,000 $20,119 $(5,440)$811,674 $1,536 $813,210 
Cash dividends declared on common stock ($0.05 per share)
— — (1,595)— — (1,595)— (1,595)
Repurchases of common stock(7)7 (30,000)— (215)(30,215)— (30,215)
Stock compensation— 2,546 — — — 2,546 — 2,546 
Total other comprehensive (loss)— — — (7,310)— (7,310)— (7,310)
Net income— — 59,066 — — 59,066 843 59,909 
Net investment by (distribution to) noncontrolling interests— — — — — — (1,287)(1,287)
Balance, March 31, 2021
$319 $601,222 $225,471 $12,809 $(5,655)$834,166 $1,092 $835,258 
5
(Dollars in thousands, except per share data)
Meta Financial Group, Inc.
Six Months Ended March 31, 2022Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Total Meta
Stockholders’
Equity		Noncontrolling interestTotal
Stockholders’
Equity
Balance, September 30, 2021
$317 $604,484 $259,189 $7,599 $(860)$870,729 $1,155 $871,884 
Cash dividends declared on common stock ($0.10 per share)
— — (3,004)— — (3,004)— (3,004)
Issuance of common stock due to ESOP1 2,885 — — — 2,886 — 2,886 
Repurchases of common stock(24)24 (143,000)— (3,653)(146,653)— (146,653)
Stock compensation— 5,524 — — — 5,524 — 5,524 
Total other comprehensive (loss)— — — (76,973)— (76,973)— (76,973)
Net income— — 110,575 — — 110,575 833 111,408 
Net investment by (distribution to) noncontrolling interests— — — — — — (1,666)(1,666)
Balance, March 31, 2022
$294 $612,917 $223,760 $(69,374)$(4,513)$763,084 $322 $763,406 
Six Months Ended March 31, 2021
Balance, September 30, 2020
$344 $594,569 $234,927 $17,542 $(3,677)$843,705 $3,603 $847,308 
Adoption of Accounting Standards Update 2016-13, net of income taxes— — (8,351)— — (8,351)(2,452)(10,803)
Cash dividends declared on common stock ($0.10 per share)
— — (3,209)— — (3,209)— (3,209)
Issuance of common stock due to ESOP2 3,034 — — — 3,036 — 3,036 
Repurchases of common stock(27)27 (84,999)— (1,978)(86,977)— (86,977)
Stock compensation— 3,592 — — — 3,592 — 3,592 
Total other comprehensive (loss)— — — (4,733)— (4,733)— (4,733)
Net income— — 87,103 — — 87,103 2,064 89,167 
Net investment by (distribution to) noncontrolling interests— — — — — — (2,123)(2,123)
Balance, March 31, 2021
$319 $601,222 $225,471 $12,809 $(5,655)$834,166 $1,092 $835,258 
See Notes to Condensed Consolidated Financial Statements.

6

META FINANCIAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended March 31,
(Dollars in thousands)20222021
Cash flows from operating activities:  
Net income before noncontrolling interest$111,408 $89,167 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion, net30,753 28,414 
Provision for credit losses32,488 36,379 
Provision (reversal of) for deferred taxes14,091 (5,933)
Originations of loans held for sale(555,397)(361,722)
Proceeds from sales of loans held for sale723,942 575,931 
Net change in loans held for sale8,834 5,500 
Fair value adjustment of foreclosed real estate250 466 
Net realized (gain) on securities available for sale, net— (6)
Net realized (gain) on securities held to maturity, net(397)— 
Net realized (gain) loss on loans held for sale4,065 (4,610)
Net realized loss on premise, furniture, and equipment43 — 
Net realized (gain) on lease receivables and equipment(1,063)(360)
Net realized (gain) on foreclosed real estate and repossessed assets— (4)
Net realized (gain) on trademarks(50,000)— 
Change in bank-owned life insurance value(1,212)(1,227)
Net change in accrued interest receivable(2,862)(801)
Net change in other assets(20,718)(28,635)
Net change in accrued expenses and other liabilities(8,400)49,774 
Stock compensation5,524 3,592 
Net cash provided by operating activities291,349 385,925 
Cash flows from investing activities:
Purchases of securities available for sale(470,067)(411,458)
Proceeds from sales of securities available for sale— 50,468 
Proceeds from maturities of and principal collected on securities available for sale184,107 137,635 
Proceeds from sales of securities held to maturity460 — 
Proceeds from maturities of and principal collected on securities held to maturity8,937 19,536 
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock(103,573)(1,295)
Redemption of Federal Reserve Bank and Federal Home Loan Bank stock103,160 — 
Purchases of loans and leases(88,913)(99,083)
Proceeds from sales of loans and leases45,784 12,005 
Net change in loans and leases(69,966)(353,781)
Purchases of premises, furniture, and equipment(3,718)(4,254)
Proceeds from sales of premises, furniture, and equipment35 — 
Purchases of rental equipment(196,043)(26,212)
Proceeds from sales of rental equipment6,811 7,830 
Net change in rental equipment(1,567)— 
Proceeds from sales of foreclosed real estate and repossessed assets1,715 8,021 
Proceeds from sale of trademarks50,000 — 
Net cash (used in) investing activities(532,838)(660,588)
Cash flows from financing activities:
Net change in deposits314,915 3,663,213 
Principal payments on capital lease obligations(74)(16)
Principal payments on other liabilities(1,463)(2,957)
Dividends paid on common stock(3,004)(3,209)
Issuance of common stock due to ESOP2,886 3,036 
Repurchases of common stock(146,653)(86,977)
Distributions to noncontrolling interest(1,666)(2,123)
Net cash provided by financing activities164,941 3,570,967 
Effect of exchange rate changes on cash209 571 
Net change in cash and cash equivalents(76,339)3,296,875 
Cash and cash equivalents at beginning of fiscal year314,019 427,367 
Cash and cash equivalents at end of fiscal period$237,680 $3,724,242 
7
Six Months Ended March 31,
(Dollars in thousands)20222021
Supplemental disclosure of cash flow information:  
Cash paid during the period for:  
Interest$2,663 $3,063 
Income taxes9,381 3,176 
Franchise taxes100 100 
Other taxes432 591 
Supplemental schedule of non-cash investing activities:  
Transfers
Held for sale to loans and leases14,731 — 
Loans and leases to held for sale169,045 99,922 
Loans and leases to rental equipment2,634 2,378 
Loans and leases to foreclosed real estate and repossessed assets— 9 
Rental equipment to loan and leases177,193 62 
Recognition of operating lease ROU assets, net of measurements— 12,681 
See Notes to Condensed Consolidated Financial Statements.


8
NOTE 1. BASIS OF PRESENTATION

The interim unaudited Condensed Consolidated Financial Statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended September 30, 2021 included in Meta Financial Group, Inc.’s (“Meta” or the “Company”) Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on November 23, 2021. Accordingly, footnote disclosures which would substantially duplicate the disclosures contained in the audited consolidated financial statements have been omitted.

The financial information of the Company included herein has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of the three and six months ended March 31, 2022 are not necessarily indicative of the results expected for the fiscal year ending September 30, 2022.

Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. These changes and reclassifications did not impact previously reported net income or comprehensive income.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENTLY ADOPTED ACCOUNTING STANDARDS UPDATES ("ASU")

Significant accounting policies in effect and disclosed within the Company’s most recent audited consolidated financial statements as of September 30, 2021 remain substantially unchanged. The following ASUs became effective for the Company on October 1, 2021, none of which had a material impact on the Company’s significant accounting policies or Condensed Consolidated Financial Statements:

–ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.
–ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs.
–ASU 2020-10, Codification Improvements.

NOTE 3. SIGNIFICANT EVENTS

Rebranding

On December 7, 2021, the Company executed a Purchase Agreement (the “Agreement”) with Beige Key, LLC (the “Assignee”) for the sale of all of the Company’s worldwide right, title and interest in and to company names and tradenames including Meta and other "Meta" formative names including MetaBank and Meta Financial Group, and the domain names, social media accounts and goodwill associated with the foregoing (collectively, the “Meta” tradenames) in exchange for $60.0 million in cash. Subject to the terms and conditions set forth in the Agreement, the Company has one year from the Agreement execution date to phase out and cease all use of the Meta tradenames. From the date of the Agreement until the date such phase out is completed (the “Phase Out Period”), Assignee has granted the Company a non-exclusive royalty free license in the United States and Canada to use the Meta tradenames in the manner in which they were used by the Company prior to the Agreement.

The Company received $50.0 million upon execution and delivery of the Agreement, at which time the Meta tradenames were assigned to the Assignee. The Company has recognized the $50.0 million as noninterest income during the period ended December 31, 2021. The remaining $10.0 million was paid by the Assignee and is being held in an escrow account by a third-party agent until the agreed upon activities within the Phase Out Period have been completed, at which time the funds will be released to the Company. The Company’s receipt of the $10.0 million payment is contingent upon phase out activities that have not yet been completed and has not been recognized in the Company’s consolidated financial statements for the fiscal quarter ended March 31, 2022.


9
On March 29, 2022, the Company announced it is changing its name to Pathward Financial, Inc.™ ("Pathward"), and its bank subsidiary MetaBank®, N.A. is changing to Pathward™, N.A. Certain changes will be made immediately, with a full transition to Pathward expected by the end of this calendar year, including the launch of a new brand identity and website. The Company will continue to serve its customers under existing brand names during the transition.

The Company recognized $2.8 million of noninterest expense related to rebranding efforts during the second quarter of fiscal 2022.

NOTE 4. SECURITIES

The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale ("AFS") and held to maturity ("HTM") debt securities are presented below.
Debt Securities AFS
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At March 31, 2022
Corporate securities$25,000 $— $(1,750)$23,250 
SBA securities137,330 1,429 (1,359)137,400 
Obligations of states and political subdivisions2,777 1 (72)2,706 
Non-bank qualified obligations of states and political subdivisions249,576 153 (9,306)240,423 
Asset-backed securities361,408 1,636 (9,463)353,581 
Mortgage-backed securities1,360,741 232 (74,855)1,286,118 
Total debt securities AFS$2,136,832 $3,451 $(96,805)$2,043,478 
At September 30, 2021
Corporate securities$25,000 $— $— $25,000 
SBA securities151,958 5,251 — 157,209 
Obligations of states and political subdivisions2,497 10 — 2,507 
Non-bank qualified obligations of states and political subdivisions266,048 3,347 (1,100)268,295 
Asset-backed securities393,103 3,003 (1,247)394,859 
Mortgage-backed securities1,016,478 9,728 (9,177)1,017,029 
Total debt securities AFS$1,855,084 $21,339 $(11,524)$1,864,899 

Debt Securities HTM
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At March 31, 2022
Non-bank qualified obligations of states and political subdivisions$44,369 $— $(1,768)$42,601 
Mortgage-backed securities2,918 — (83)2,835 
Total debt securities HTM$47,287 $— $(1,851)$45,436 
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$52,944 $103 $(471)$52,576 
Mortgage-backed securities3,725 90 — 3,815 
Total debt securities HTM$56,669 $193 $(471)$56,391 

10
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows:
LESS THAN 12 MONTHSOVER 12 MONTHSTOTAL
(Dollars in thousands)Fair
Value		Gross Unrealized (Losses)Fair
Value		Gross Unrealized (Losses)Fair
Value		Gross Unrealized (Losses)
Debt Securities AFS
At March 31, 2022
Corporate securities$23,250 $(1,750)$— $— $23,250 $(1,750)
SBA securities50,022 (1,359)— — 50,022 (1,359)
Obligations of state and political subdivisions2,158 (72)— — 2,158 (72)
Non-bank qualified obligations of states and political subdivisions214,073 (9,180)1,314 (126)215,387 (9,306)
Asset-backed securities154,196 (4,375)111,397 (5,088)265,593 (9,463)
Mortgage-backed securities1,014,462 (58,435)206,040 (16,420)1,220,502 (74,855)
Total debt securities AFS$1,458,161 $(75,171)$318,751 $(21,634)$1,776,912 $(96,805)
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$101,046 $(1,100)$— $— $101,046 $(1,100)
Asset-backed securities127,110 (283)91,553 (964)218,663 (1,247)
Mortgage-backed securities759,035 (7,418)60,792 (1,759)819,827 (9,177)
Total debt securities AFS$987,191 $(8,801)$152,345 $(2,723)$1,139,536 $(11,524)
Debt Securities HTM
At March 31, 2022
Non-bank qualified obligations of states and political subdivisions$42,602 $(1,768)$— $— $42,602 $(1,768)
Mortgage-backed securities2,835 (83)— — 2,835 (83)
Total debt securities HTM$45,437 $(1,851)$— $— $45,437 $(1,851)
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$26,096 $(471)$— $— $26,096 $(471)
Total debt securities HTM$26,096 $(471)$— $— $26,096 $(471)

At March 31, 2022, there were 80 securities AFS in an unrealized loss position. Management assessed each investment security with unrealized losses for credit loss and determined substantially all unrealized losses on these securities were due to credit spreads and interest rates versus credit loss. As part of that assessment, management evaluated and concluded that it is more-likely-than-not that the Company will not be required and does not intend to sell any of the securities prior to recovery of the amortized cost. At March 31, 2022, there was no ACL for debt securities AFS.

The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features that allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities ("MBS") because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, MBS are not included in the maturity categories in the following maturity summary. The expected maturities of certain SBA securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.

11
(Dollars in thousands)At March 31, 2022At September 30, 2021
Securities AFS at Fair ValueAmortized CostFair
Value		Amortized CostFair
Value
Due in one year or less$240 $241 $810 $822 
Due after one year through five years11,029 10,855 13,026 13,378 
Due after five years through ten years74,314 71,056 50,785 52,357 
Due after ten years690,508 675,208 773,985 781,313 
776,091 757,360 838,606 847,870 
Mortgage-backed securities1,360,741 1,286,118 1,016,478 1,017,029 
Total securities AFS, at fair value$2,136,832 $2,043,478 $1,855,084 $1,864,899 

At March 31, 2022At September 30, 2021
(Dollars in thousands)Amortized CostFair
Value		Amortized CostFair
Value
Securities HTM at Fair Value
Due after ten years$44,369 $42,601 $52,944 $52,576 
44,369 42,601 52,944 52,576 
Mortgage-backed securities2,918 2,835 3,725 3,815 
Total securities HTM, at cost$47,287 $45,436 $56,669 $56,391 

Equity Securities
The Company held $3.9 million at March 31, 2022 and $12.7 million at September 30, 2021 in marketable equity securities. The Company recognized $3.8 million and none in unrealized loss on marketable equity securities during the six months ended March 31, 2022 and 2021, respectively, which is attributable to an investee becoming publicly traded during fiscal year 2021. All other marketable equity securities and related activity were insignificant for the six months ended March 31, 2022 and 2021. There was one marketable security sold during the six months ended March 31, 2022 for a $0.3 million gain.

Non-marketable equity securities with a readily determinable fair value totaled $6.2 million at March 31, 2022 and $4.6 million at September 30, 2021. The Company recognized $0.3 million in unrealized gains and $0.2 million in unrealized gains during the six months ended March 31, 2022 and 2021, respectively. No such securities were sold during the six months ended March 31, 2022.

Non-marketable equity securities without readily determinable fair value totaled $20.9 million at March 31, 2022 and $16.0 million at September 30, 2021. There was one security sold during the six months ended March 31, 2022 for a $0.1 million gain.

FRB Stock
The Bank is required by federal law to subscribe to capital stock (divided into shares of $100 each) as a member of the FRB of Minneapolis with an amount equal to six per centum of the paid-up capital stock and surplus. One-half of the subscription is paid at time of application, and one-half is subject to call of the Board of Governors of the Federal Reserve System. FRB of Minneapolis stock held by the Bank totaled $19.7 million at March 31, 2022 and September 30, 2021. These equity securities are 'restricted' in that they can only be owned by member banks.

FHLB Stock
The Company's borrowings from the FHLB are secured by specific investment securities. Such advances can be made pursuant to several different credit programs, each of which has its own interest rate and range of maturities.

The investments in the FHLB stock are required investments related to the Company's membership in and current borrowings from the FHLB of Des Moines. The investments in the FHLB of Des Moines could be adversely impacted by the financial operations of the FHLB and actions of their regulator, the Federal Housing Finance Agency.

The FHLB stock is carried at cost since it is generally redeemable at par value. The carrying value of the stock held at the FHLB was $9.1 million at March 31, 2022 and $8.7 million at September 30, 2021.

12
These equity securities are ‘restricted’ in that they can only be sold back to the respective institution from which they were acquired or another member institution at par. Therefore, FRB and FHLB stocks are less liquid than other marketable equity securities, and the fair value approximates cost.

Equity Security Impairment
The Company evaluates impairment for investments held at cost on at least an annual basis based on the ultimate recoverability of the par value. All other equity investments, including those under the equity method, are reviewed for other-than-temporary impairment on at least a quarterly basis. The Company recognized no impairment for such investments for the six months ended March 31, 2022.

NOTE 5. LOANS AND LEASES, NET

Loans and leases consist of the following:
(Dollars in thousands)March 31, 2022September 30, 2021
Term lending$1,111,076 $961,019 
Asset based lending382,355 300,225 
Factoring394,865 363,670 
Lease financing235,397 266,050 
Insurance premium finance403,681 428,867 
SBA/USDA214,195 247,756 
Other commercial finance173,260 157,908 
Commercial finance2,914,829 2,725,495 
Consumer credit products171,847 129,251 
Other consumer finance111,922 123,606 
Consumer finance283,769 252,857 
Tax services85,999 10,405 
Warehouse finance441,496 419,926 
Community banking— 199,132 
Total loans and leases3,726,093 3,607,815 
Net deferred loan origination costs4,097 1,748 
Total gross loans and leases3,730,190 3,609,563 
Allowance for credit losses(88,552)(68,281)
Total loans and leases, net$3,641,638 $3,541,282 

During the six months ended March 31, 2022, the Company transferred $169.0 million of Community Banking loans to held for sale. During the six months ended March 31, 2021, the Company transferred $99.9 million of Community Banking loans to held for sale.

During the six months ended March 31, 2022 and 2021, the Company originated $555.4 million and $361.7 million of consumer finance and SBA/USDA as held for sale, respectively.

The Company sold held for sale loans resulting in proceeds of $723.9 million and loss on sale of $4.1 million during the six months ended March 31, 2022. The Company sold held for sale loans resulting in proceeds of $476.0 million and gains on sale of $4.6 million during the six months ended March 31, 2021.

In connection with the Company's sale of the Bank's Community Bank division to Central Bank, the Company entered into a servicing agreement with Central Bank for the retained Community Bank loan portfolio that became effective on February 29, 2020 (the "Closing Date"). The Company recognized $0.2 million and $1.6 million in servicing fee expense during the six months ended March 31, 2022 and 2021, respectively, and $3.3 million for the fiscal year ended September 30, 2021.


13
Since the Closing Date, the Company has entered into subsequent loan portfolio sale agreements with Central Bank and other third parties. The Company sold additional loans from the retained Community Bank portfolio in the amount of $192.5 million and $233.0 million in the six months ended March 31, 2022 and 2021, respectively, and $308.1 million for the fiscal year ended September 30, 2021. All loans from the retained Community Bank portfolio have been sold as of December 31, 2021.

Loans purchased and sold by portfolio segment, including participation interests, were as follows:
Three Months Ended March 31,Six Months Ended March 31,
(Dollars in thousands)2022202120222021
Loans Purchased
Loans held for investment:
Commercial finance$1,378 $— $3,098 $— 
Warehouse finance29,822 33,605 85,815 96,236 
Community banking— 548 — 2,847 
Total purchases$31,200 $34,153 $88,913 $99,083 
Loans Sold
Loans held for sale:
Commercial finance$14,090 $4,591 $47,113 $34,915 
Consumer finance147,163 19,791 523,607 311,331 
Community banking— — 153,222 129,788 
Loans held for investment:
Commercial finance15,549 — 15,549 — 
Community banking— — 30,235 — 
Total sales$176,802 $24,382 $769,726 $476,034 

Leasing Portfolio. The net investment in direct financing and sales-type leases was comprised of the following:
(Dollars in thousands)March 31, 2022September 30, 2021
Carrying amount$244,030 $278,341 
Unguaranteed residual assets13,009 14,393 
Unamortized initial direct costs406 490 
Unearned income(21,642)(26,684)
Total net investment in direct financing and sales-type leases$235,803 $266,540 

Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at March 31, 2022 were as follows:
(Dollars in thousands)
Remaining in 2022$52,751 
202390,718 
202459,489 
202528,337 
20269,087 
Thereafter3,648 
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases244,030 
Third-party residual value guarantees— 
Total carrying amount of direct financing and sales-type leases$244,030 

The Company did not record any contingent rental income from direct financing and sales-type leases in the six months ended March 31, 2022.
14
The COVID-19 pandemic began impacting the U.S. and global economies in the first calendar quarter of 2020, with significant deterioration of macroeconomic conditions and markets into 2021. Although macroeconomic conditions and markets have improved since the beginning of 2021, the ultimate impact of this pandemic on the Company's loan and lease portfolio remains difficult to predict. Management continues to evaluate the loan and lease portfolio in order to assess the impact on repayment sources and underlying collateral that could result in additional losses and the impact to our customers and businesses as a result of COVID-19 and will refine its estimate as more information becomes available.

Activity in the allowance for credit losses and balances of loans and leases by portfolio segment was as follows:
Three Months Ended March 31, 2022
(Dollars in thousands)Beginning BalanceProvision (Reversal)Charge-offsRecoveriesEnding Balance
Allowance for credit losses:
Term lending$26,722 $1,954 $(1,822)$714 $27,568 
Asset based lending2,758 (175)— — 2,583 
Factoring15,242 823 (9,590)51 6,526 
Lease financing6,857 (395)(95)104 6,471 
Insurance premium finance1,044 59 (106)60 1,057 
SBA/USDA2,996 (53)— — 2,943 
Other commercial finance1,349 (152)— — 1,197 
Commercial finance56,968 2,061 (11,613)929 48,345 
Consumer credit products1,627 (6)— — 1,621 
Other consumer finance6,960 1,157 (802)73 7,388 
Consumer finance8,587 1,151 (802)73 9,009 
Tax services1,601 28,972 — 184 30,757 
Warehouse finance467 (26)— — 441 
Community banking— (2)— 2 — 
Total loans and leases67,623 32,156 (12,415)1,188 88,552 
Unfunded commitments(1)
405 146 — — 551 
Total $68,028 $32,302 $(12,415)$1,188 $89,103 
(1) Reserve for unfunded commitments is recognized within other liabilities on the Condensed Consolidated Statements of Financial Condition.

15
Three Months Ended March 31, 2021
(Dollars in thousands)Beginning Balance
Provision (Reversal)(2)
Charge-offsRecoveriesEnding Balance
Allowance for credit losses:
Term lending$28,220 $1,396 $(2,477)$176 $27,315 
Asset based lending1,809 539 (599)— 1,749 
Factoring3,719 (545)— 36 3,210 
Lease financing6,784 420 (471)130 6,863 
Insurance premium finance1,285 103 (149)87 1,326 
SBA/USDA3,164 136 — — 3,300 
Other commercial finance479 62 — — 541 
Commercial finance45,460 2,111 (3,696)429 44,304 
Consumer credit products835 155 — — 990 
Other consumer finance10,176 266 (419)70 10,093 
Consumer finance11,011 421 (419)70 11,083 
Tax services1,412 27,680 — 54 29,146 
Warehouse finance319 13 — — 332 
Community banking14,187 (26)(134)— 14,027 
Total loans and leases72,389 30,199 (4,249)553 98,892 
Unfunded commitments(1)
688 91 — — 779 
Total $73,077 $30,290 $(4,249)$553 $99,671 
(1) Reserve for unfunded commitments is recognized within other liabilities on the Condensed Consolidated Statements of Financial Condition.
(2) As a result of the adoption of CECL, effective October 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.


Six Months Ended March 31, 2022
(Dollars in thousands)Beginning BalanceProvision (Reversal)Charge-offsRecoveriesEnding Balance
Allowance for credit losses:
Term lending$29,351 $1,095 $(3,906)$1,028 $27,568 
Asset based lending1,726 736 (16)137 2,583 
Factoring3,997 13,324 (10,864)69 6,526 
Lease financing7,629 (1,217)(112)171 6,471 
Insurance premium finance1,394 (211)(283)157 1,057 
SBA/USDA2,978 180 (217)2 2,943 
Other commercial finance1,168 29 — — 1,197 
Commercial finance48,243 13,936 (15,398)1,564 48,345 
Consumer credit products1,242 379 — — 1,621 
Other consumer finance6,112 2,718 (1,622)180 7,388 
Consumer finance7,354 3,097 (1,622)180 9,009 
Tax services2 28,259 (254)2,750 30,757 
Warehouse finance420 21 — — 441 
Community banking12,262 (12,686)— 424 — 
Total loans and leases68,281 32,627 (17,274)4,918 88,552 
Unfunded commitments(1)
690 (139)— — 551 
Total $68,971 $32,488 $(17,274)$4,918 $89,103 
(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.

16
Six Months Ended March 31, 2021
(Dollars in thousands)Beginning BalanceImpact of CECL Adoption
Provision (Reversal)(2)
Charge-offsRecoveriesEnding Balance
Allowance for credit losses:
Term lending$15,211 $9,999 $7,422 $(5,789)$472 $27,315 
Asset based lending1,406 164 1,378 (1,199)— 1,749 
Factoring3,027 987 (1,961)(1)1,158 3,210 
Lease financing7,023 (556)1,532 (1,347)211 6,863 
Insurance premium finance2,129 (965)591 (805)376 1,326 
SBA/USDA940 2,720 (361)— 1 3,300 
Other commercial finance182 364 (5)— — 541 
Commercial finance29,918 12,713 8,596 (9,141)2,218 44,304 
Consumer credit products845 — 145 — — 990 
Other consumer finance2,821 5,998 1,748 (637)163 10,093 
Consumer finance3,666 5,998 1,893 (637)163 11,083 
Tax services2 — 28,134 — 1,010 29,146 
Warehouse finance294 (1)39 — — 332 
Community banking22,308 (5,937)(2,199)(145)— 14,027 
Total loans and leases56,188 12,773 36,463 (9,923)3,391 98,892 
Unfunded commitments(1)
32 831 (84)— — 779 
Total $56,220 $13,604 $36,379 $(9,923)$3,391 $99,671 
(1) Reserve for unfunded commitments is recognized within other liabilities on the Consolidated Statements of Financial Condition.
(2) As a result of the adoption of CECL, effective October 1, 2020, the provision for credit losses includes the provision for unfunded commitments that was previously included within other noninterest expense.

Information on loans and leases that are deemed to be collateral dependent and are evaluated individually for the ACL was as follows:
(Dollars in thousands)At March 31, 2022At September 30, 2021
Term lending$60,400 $20,965 
Asset based lending5,992 — 
Factoring26,625 1,268 
Lease financing12,289 3,882 
SBA/USDA1,282 — 
Commercial finance(1)
106,588 26,115 
Community banking— 14,915 
Total$106,588 $41,030 
(1) For commercial finance, collateral dependent financial assets have collateral in the form of cash, equipment, or other business assets.

In response to the ongoing COVID-19 pandemic, the Company allowed modifications, such as payment deferrals and temporary forbearances, to credit-worthy borrowers who are experiencing temporary hardship due to the effects of COVID-19. Accordingly, if all payments were less than 30 days past due prior to the onset of the pandemic effects, the loan or lease will not be reported as past due during the deferral or forbearance period. As of March 31, 2022, $0.4 million of loan and lease balances that were granted deferral payments by the Company were still in their deferment period. These modifications consisted solely of payment deferrals ranging from 30 days to six months. These modifications are in line with applicable regulatory guidelines and, therefore, they are not reported as troubled debt restructurings. Other than the loan modifications that are on nonaccrual status, the Company is accruing and recognizing interest income on these modifications during the payment deferral period.

Federal regulations provide for the classification of loans and other assets such as debt and equity securities considered by the Bank's primary regulator, the Office of the Comptroller of the Currency (the “OCC”), to be of lesser quality as “substandard,” “doubtful” or “loss.” The loan classification and risk rating definitions are as follows:
 
17
Pass - A pass asset is of sufficient quality in terms of repayment, collateral and management to preclude a special mention or an adverse rating.

Watch - A watch asset is generally a credit performing well under current terms and conditions but with identifiable weakness meriting additional scrutiny and corrective measures. Watch is not a regulatory classification but can be used to designate assets that are exhibiting one or more weaknesses that deserve management’s attention. These assets are of better quality than special mention assets.

Special Mention - A special mention asset is a credit with potential weaknesses deserving management’s close attention and, if left uncorrected, may result in deterioration of the repayment prospects for the asset. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special mention is a temporary status with aggressive credit management required to garner adequate progress and move to watch or higher.
 
The adverse classifications are as follows:
 
Substandard - A substandard asset is inadequately protected by the net worth and/or repayment ability or by a weak collateral position. Assets so classified will have well-defined weaknesses creating a distinct possibility the Bank will sustain some loss if the weaknesses are not corrected. Loss potential does not have to exist for an asset to be classified as substandard.

Doubtful - A doubtful asset has weaknesses similar to those classified substandard, with the degree of weakness causing the likely loss of some principal in any reasonable collection effort. Due to pending factors, the asset’s classification as loss is not yet appropriate.

Loss - A loss asset is considered uncollectible and of such little value that the asset’s continuance on the Bank’s balance sheet is no longer warranted. This classification does not necessarily mean an asset has no recovery or salvage value, leaving room for future collection efforts.

Loans and leases, or portions thereof, are generally charged off when collection of principal becomes doubtful. Typically, this is associated with a delay or shortfall in payments of 210 days or more for commercial insurance premium finance, 180 days or more for the purchased student loan portfolios, 120 days or more for consumer credit products and leases, and 90 days or more for community banking loans and commercial finance loans. Action is taken to charge off ERO loans if such loans have not been collected by the end of June and taxpayer advance loans if such loans have not been collected by the end of the calendar year. Nonaccrual loans and troubled debt restructurings are generally individually evaluated for expected credit losses.

The Company recognizes that concentrations of credit may naturally occur and may take the form of a large volume of related loans and leases to an individual, a specific industry, or a geographic location. Credit concentration is a direct, indirect, or contingent obligation that has a common bond where the aggregate exposure equals or exceeds a certain percentage of the Company’s Tier 1 Capital plus the allowable Allowance for Credit Losses.

The Company has various portfolios of consumer finance and tax services loans that present unique risks that are statistically managed. Due to the unique risks associated with these portfolios, the Company monitors other credit quality indicators in their evaluation of the appropriateness of the allowance for credit losses on these portfolios, and as such, these loans are not included in the asset classification table below. The outstanding balances of consumer finance loans and tax services loans were $283.8 million and $86.0 million at March 31, 2022, respectively, and $252.9 million and $10.4 million at September 30, 2021, respectively. The amortized cost basis of loans and leases by asset classification and year of origination was as follows:









18

Amortized Cost Basis
(Dollars in thousands)Term Loans and Leases by Origination YearRevolving Loans and LeasesTotal
At March 31, 202220222021202020192018Prior
Term lending
Pass$258,394 $285,900 $158,324 $55,586 $37,818 $7,731 $— $803,753 
Watch27,001 94,061 55,194 23,806 2,776 2,511 — 205,349 
Special Mention1,603 9,254 16,083 3,761 607 2,954 — 34,262 
Substandard6,423 15,352 23,760 14,961 2,181 3,201 — 65,878 
Doubtful198 346 545 676 69 — — 1,834 
Total293,619 404,913 253,906 98,790 43,451 16,397 — 1,111,076 
Asset based lending
Pass— — — — — — 234,134 234,134 
Watch— — — — — — 83,379 83,379 
Special Mention— — — — — — 49,695 49,695 
Substandard— — — — — — 15,147 15,147 
Total— — — — — — 382,355 382,355 
Factoring
Pass— — — — — — 298,546 298,546 
Watch— — — — — — 46,702 46,702 
Special Mention— — — — — — 25,300 25,300 
Substandard— — — — — — 24,289 24,289 
Doubtful— — — — — — 28 28 
Total— — — — — — 394,865 394,865 
Lease financing
Pass22,840 52,747 57,885 9,223 4,703 222 — 147,620 
Watch1,021 10,724 13,759 7,221 2,418 43 — 35,186 
Special Mention730 15,835 7,658 411 310 238 — 25,182 
Substandard15 5,561 11,160 7,700 1,210 22 — 25,668 
Doubtful— 140 406 1,195 — — — 1,741 
Total24,606 85,007 90,868 25,750 8,641 525 — 235,397 
Insurance premium finance
Pass337,078 65,850 24 2 — — — 402,954 
Watch110 133 — — — — — 243 
Special Mention4 268 — — — — — 272 
Substandard— 148 — — — — — 148 
Doubtful— 64 — — — — — 64 
Total337,192 66,463 24 2 — — — 403,681 
SBA/USDA
Pass29,689 72,935 21,521 11,737 12,299 8,786 — 156,967 
Watch904 — 19,595 2,845 968 1,344 — 25,656 
Special Mention— — 1,618 213 3,970 985 — 6,786 
Substandard— — 6,109 7,554 7,975 2,811 — 24,449 
Doubtful— 22 315 — — — — 337 
Total30,593 72,957 49,158 22,349 25,212 13,926 — 214,195 
Other commercial finance
Pass20,122 28,761 799 9,017 2,134 66,399 — 127,232 
Watch— 20,000 13,282 — 443 — — 33,725 
Substandard166 9,827 — — 267 2,043 — 12,303 
Total20,288 58,588 14,081 9,017 2,844 68,442 — 173,260 
19
Warehouse finance
Pass— — — — — — 441,496 441,496 
Total— — — — — — 441,496 441,496 
Total loans and leases
Pass668,123 506,193 238,553 85,565 56,954 83,138 974,176 2,612,702 
Watch29,036 124,918 101,830 33,872 6,605 3,898 130,081 430,240 
Special Mention2,337 25,357 25,359 4,385 4,887 4,177 74,995 141,497 
Substandard6,604 30,888 41,029 30,215 11,633 8,077 39,436 167,882 
Doubtful198 572 1,266 1,871 69 — 28 4,004 
Total$706,298 $687,928 $408,037 $155,908 $80,148 $99,290 $1,218,716 $3,356,325 

Amortized Cost Basis
(Dollars in thousands)Term Loans and Leases by Origination YearRevolving Loans and LeasesTotal
At September 30, 202120212020201920182017Prior
Term lending
Pass$362,443 $192,305 $63,708 $34,381 $3,195 $1,236 $— $657,268 
Watch63,046 71,701 32,941 21,419 76 3,628 — 192,811 
Special Mention6,422 26,673 4,821 932 70 633 — 39,551 
Substandard18,569 16,810 26,920 3,529 928 641 — 67,397 
Doubtful252 1,673 1,756 311 — — — 3,992 
Total450,732 309,162 130,146 60,572 4,269 6,138 — 961,019 
Asset based lending
Pass— — — — — — 185,432 185,432 
Watch— — — — — — 52,072 52,072 
Special Mention— — — — — — 43,135 43,135 
Substandard— — — — — — 19,586 19,586 
Total— — — — — — 300,225 300,225 
Factoring
Pass— — — — — — 294,124 294,124 
Watch— — — — — — 17,984 17,984 
Special Mention— — — — — — 33,035 33,035 
Substandard— — — — — — 18,527 18,527 
Total— — — — — — 363,670 363,670 
Lease financing
Pass54,434 73,629 17,153 7,511 1,857 203 — 154,787 
Watch22,061 20,455 9,274 2,739 1,454 — — 55,983 
Special Mention15,402 20,595 4,148 1,546 61 — — 41,752 
Substandard479 4,765 4,981 831 25 — — 11,081 
Doubtful— 6 2,402 38 1 — — 2,447 
Total92,376 119,450 37,958 12,665 3,398 203 — 266,050 
Insurance premium finance
Pass428,131 144 9 — — — — 428,284 
Watch262 5 — — — — — 267 
Special Mention58 5 — — — — — 63 
Substandard68 107 — — — — — 175 
Doubtful58 20 — — — — — 78 
Total428,577 281 9 — — — — 428,867 
SBA/USDA
Pass110,122 37,006 14,461 12,760 6,525 3,779 — 184,653 
Watch— 20,431 1,996 1,670 1,394 298 — 25,789 
Special Mention— 8,333 214 3,348 177 919 — 12,991 
20
Substandard— 3,812 9,550 8,079 2,169 713 — 24,323 
Total110,122 69,582 26,221 25,857 10,265 5,709 — 247,756 
Other commercial finance
Pass56,957 642 5,786 6,075 3,345 60,965 — 133,770 
Watch— 17,404 3,409 451 — — — 21,264 
Substandard466 — — 273 837 1,299 — 2,875 
Total57,423 18,046 9,195 6,799 4,182 62,264 — 157,909 
Warehouse finance
Pass— — — — — — 419,926 419,926 
Total— — — — — — 419,926 419,926 
Community banking
Pass— — 4,159 — 5,683 472 — 10,314 
Watch— 10,134 — 10,854 6,133 — — 27,121 
Special Mention— — 35,916 — — — — 35,916 
Substandard— 119 49,449 50,626 13,933 6,110 — 120,237 
Doubtful— 122 — 5,422 — — — 5,544 
Total— 10,375 89,524 66,902 25,749 6,582 — 199,132 
Total loans and leases
Pass1,012,088 303,727 105,274 60,727 20,605 66,655 899,481 2,468,557 
Watch85,369 140,131 47,620 37,132 9,057 3,926 70,056 393,291 
Special Mention21,882 55,606 45,099 5,826 307 1,552 76,171 206,443 
Substandard19,584 25,613 90,900 63,338 17,891 8,762 38,113 264,201 
Doubtful310 1,822 4,158 5,770 1 — — 12,061 
Total$1,139,233 $526,899 $293,051 $172,793 $47,861 $80,895 $1,083,821 $3,344,553 

Past due loans and leases were as follows:
At March 31, 2022
Accruing and Nonaccruing Loans and LeasesNonperforming Loans and Leases
(Dollars in thousands)30-59 Days Past Due60-89 Days Past Due> 89 Days Past DueTotal Past DueCurrentTotal Loans and Leases Receivable> 89 Days Past Due and AccruingNonaccrual BalanceTotal
Loans held for sale$— $— $— $— $31,410 $31,410 $— $— $— 
Term lending17,081 1,495 5,243 23,819 1,087,257 1,111,076 1,400 10,283 11,683 
Asset based lending7 — — 7 382,348 382,355 — 5,996 5,996 
Factoring— — — — 394,865 394,865 — 3,961 3,961 
Lease financing4,932 — 4,199 9,131 226,266 235,397 3,346 3,064 6,410 
Insurance premium finance1,149 768 955 2,872 400,809 403,681 955 — 955 
SBA/USDA1,462 311 1,597 3,370 210,825 214,195 — 2,023 2,023 
Other commercial finance— — — — 173,260 173,260 — — — 
Commercial finance24,631 2,574 11,994 39,199 2,875,630 2,914,829 5,701 25,327 31,028 
Consumer credit products4,092 3,489 3,050 10,631 161,216 171,847 3,050 — 3,050 
Other consumer finance1,737 1,986 1,764 5,487 106,435 111,922 1,764 — 1,764 
Consumer finance5,829 5,475 4,814 16,118 267,651 283,769 4,814 — 4,814 
Tax services830 — — 830 85,169 85,999 — — — 
Warehouse finance— — — — 441,496 441,496 — — — 
Community banking— — — — — — — — — 
Total loans and leases held for investment31,290 8,049 16,808 56,147 3,669,946 3,726,093 10,515 25,327 35,842 
Total loans and leases$31,290 $8,049 $16,808 $56,147 $3,701,356 $3,757,503 $10,515 $25,327 $35,842 

21
At September 30, 2021
Accruing and Nonaccruing Loans and LeasesNonperforming Loans and Leases
(Dollars in thousands)30-59 Days Past Due60-89 Days Past Due> 89 Days Past DueTotal Past DueCurrentTotal Loans and Leases Receivable> 89 Days Past Due and AccruingNonaccrual BalanceTotal
Loans held for sale$— $— $— $— $56,194 $56,194 $— $— $— 
Term lending11,879 2,703 5,452 20,034 940,985 961,019 2,558 14,904 17,462 
Asset based lending— — — — 300,225 300,225 — — — 
Factoring— — — — 363,670 363,670 — 1,268 1,268 
Lease financing4,909 3,336 8,401 16,646 249,404 266,050 8,345 3,158 11,503 
Insurance premium finance1,415 375 599 2,389 426,478 428,867 599 — 599 
SBA/USDA66 974 987 2,027 245,729 247,756 987 — 987 
Other commercial finance— — — — 157,908 157,908 — — — 
Commercial finance18,269 7,388 15,439 41,096 2,684,399 2,725,495 12,489 19,330 31,819 
Consumer credit products713 527 511 1,751 127,500 129,251 511 — 511 
Other consumer finance963 285 725 1,973 121,633 123,606 725 — 725 
Consumer finance1,676 812 1,236 3,724 249,133 252,857 1,236 — 1,236 
Tax services— — 7,962 7,962 2,443 10,405 7,962 — 7,962 
Warehouse finance— — — — 419,926 419,926 — — — 
Community banking— — — — 199,132 199,132 — 14,915 14,915 
Total loans and leases held for investment19,945 8,200 24,637 52,782 3,555,033 3,607,815 21,687 34,245 55,932 
Total loans and leases$19,945 $8,200 $24,637 $52,782 $3,611,227 $3,664,009 $21,687 $34,245 $55,932 

Nonaccrual loans and leases by year of origination at March 31, 2022 were as follows:
Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotalNonaccrual with No ACL
(Dollars in thousands)20222021202020192018Prior
Term lending$158 $688 $2,018 $6,851 $448 $120 $— $10,283 $2,958 
Asset based lending— — — — — — 5,996 5,996 — 
Factoring— — — — — — 3,961 3,961 3,525 
Lease financing— — 420 2,190 440 14 — 3,064 — 
SBA/USDA— 22 1,690 — — 311 — 2,023 — 
Commercial finance158 710 4,128 9,041 888 445 9,957 25,327 6,483 
Total nonaccrual loans and leases$158 $710 $4,128 $9,041 $888 $445 $9,957 $25,327 $6,483 

22
Loans and leases that are 90 days or more delinquent and accruing by year of origination at March 31, 2022 were as follows:
Amortized Cost Basis
Term Loans and Leases by Origination YearRevolving Loans and LeasesTotal
(Dollars in thousands)20222021202020192018Prior
Term lending$421 $330 $549 $100 $— $— $— $1,400 
Lease financing1,680 883 398 161 128 96 — 3,346 
Insurance premium finance188 762 5 — — — — 955 
Commercial finance2,289 1,975 952 261 128 96 — 5,701 
Consumer credit products119 2,781 39 91 20 — — 3,050 
Other consumer finance1,034 130 — — — 600 — 1,764 
Consumer finance1,153 2,911 39 91 20 600 — 4,814 
Total 90 days or more delinquent and accruing$3,442 $4,886 $991 $352 $148 $696 $— $10,515 

Certain loans and leases 90 days or more past due as to interest or principal continue to accrue because they are (1) well-secured and in the process of collection or (2) consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due.

When analysis of borrower or lessee operating results and financial condition indicates that underlying cash flows of the borrower’s business are not adequate to meet its debt service requirements, the loan or lease is evaluated for impairment. Often, this is associated with a delay or shortfall in scheduled payments, as described above.

The following table provides the average recorded investment in nonaccrual loans and leases:
Three Months Ended March 31,Six Months Ended March 31,
(Dollars in thousands)2022202120222021
Term lending$10,688 $12,729 $12,305 $13,802 
Asset based lending5,993 572 5,002 823 
Factoring9,791 44 11,019 490 
Lease financing3,020 2,990 3,027 3,273 
SBA/USDA1,464 600 840 600 
Commercial finance30,956 16,935 32,193 18,988 
Community banking— 20,199 — 14,316 
Total loans and leases$30,956 $37,134 $32,193 $33,304 

The recognized interest income on the Company's nonaccrual loans and leases for the three and six months ended March 31, 2022 and 2021 was not significant.

The Company’s troubled debt restructurings ("TDRs") typically involve forgiving a portion of interest or principal on existing loans, making loans at a rate materially less than current market rates, or extending the term of the loan. There were $0.2 million of commercial finance loans and $0.2 million of consumer finance loans that were modified in a TDR during the three months ended March 31, 2022, all of which were modified to extend the term of the loan. There were $2.1 million of commercial finance loans that were modified in a TDR during the three months ended March 31, 2021, all of which were modified to extend the term of the loan, and no community banking loans.

During the six months ended March 31, 2022, there were $10.3 million of commercial finance loans and $0.2 million of consumer finance loans that were modified in a TDR, all of which were modified to extend the term of the loan. There were $2.1 million of commercial finance loans and $0.1 million of consumer finance loans that were modified in a TDR during the six months ended March 31, 2021 and no community banking loans.


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During the six months ended March 31, 2022, the Company had $2.6 million of commercial finance loans and $0.8 million of consumer finance loans that were modified in a TDR within the previous 12 months and for which there was a payment default. During the six months ended March 31, 2021, the Company had $0.1 million of consumer finance loans, and no community banking loans that were modified in a TDR within the previous 12 months and for which there was a payment default. TDR net charge-offs and the impact of TDRs on the Company's allowance for credit losses were insignificant during the six months ended March 31, 2022 and March 31, 2021.

NOTE 6. EARNINGS PER COMMON SHARE ("EPS")

The Company has granted restricted share awards with dividend rights that are considered to be participating securities. Accordingly, a portion of the Company’s earnings is allocated to those participating securities in the earnings per share calculation under the two-class method. Basic EPS is computed using the two-class method by dividing income available to common stockholders after the allocation of dividends and undistributed earnings to the participating securities by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated using the more dilutive of the treasury stock method or the two-class method. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised, and is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options, performance share units, and nonvested restricted stock, where applicable. Diluted EPS under the two-class method also considers the allocation of earnings to the participating securities. Antidilutive securities are disregarded in earnings per share calculations. Diluted EPS shown below reflects the two-class method, as diluted EPS under the two-class method was more dilutive than under the treasury stock method.

A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share is presented below.
Three Months Ended March 31,Six Months Ended March 31,
(Dollars in thousands, except per share data)2022202120222021
Basic income per common share:
Net income attributable to Meta Financial Group, Inc.$49,251 $59,066 $110,575 $87,103 
Dividends and undistributed earnings allocated to participating securities(815)(1,113)(1,773)(1,683)
Basic net earnings available to common stockholders48,436 57,953 108,802 85,420 
Undistributed earnings allocated to nonvested restricted stockholders791 1,083 1,724 1,620 
Reallocation of undistributed earnings to nonvested restricted stockholders(791)(1,082)(1,723)(1,619)
Diluted net earnings available to common stockholders$48,436 $57,954 $108,803 $85,421 
Total weighted-average basic common shares outstanding29,212,301 31,520,505 29,731,797 32,158,994 
Effect of dilutive securities(1)
Performance share units12,061 14,517 17,035 16,490 
Total effect of dilutive securities12,061 14,517 17,035 16,490 
Total weighted-average diluted common shares outstanding29,224,362 31,535,022 29,748,832 32,175,484 
Net earnings per common share:
Basic earnings per common share$1.66 $1.84 $3.66 $2.66 
Diluted earnings per common share(2)
$1.66 $1.84 $3.66 $2.65 
(1) Represents the effect of the assumed exercise of stock options and vesting of performance share units and restricted stock, as applicable, utilizing the treasury stock method.
(2) Excluded from the computation of diluted earnings per share for the three months ended March 31, 2022 and 2021, respectively, were 491,621 and 605,459 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive. Excluded from the computation of diluted earnings per share for the six months ended March 31, 2022 and 2021, respectively, were 484,457 and 633,553 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive.

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NOTE 7. RENTAL EQUIPMENT, NET

Rental equipment consists of the following:
(Dollars in thousands)March 31, 2022September 30, 2021
Computers and IT networking equipment$21,125 $17,683 
Motor vehicles and other97,106 87,396 
Office furniture and equipment44,382 48,828 
Solar panels and equipment128,551 125,457 
Total291,164 279,364 
Accumulated depreciation(79,579)(67,825)
Unamortized initial direct costs1,448 1,577 
Net book value$213,033 $213,116 
Undiscounted future minimum lease payments expected to be received for operating leases at March 31, 2022 were as follows:
(Dollars in thousands)
Remaining in 2022$19,801 
202334,172 
202426,211 
202518,884 
202610,789 
Thereafter14,332 
Total undiscounted future minimum lease payments receivable for operating leases$124,189 

NOTE 8. GOODWILL AND INTANGIBLE ASSETS

The Company held a total of $309.5 million of goodwill at March 31, 2022. The recorded goodwill is a result of multiple business combinations that have been consummated since fiscal year 2015, with the most recent pursuant to the Crestmark Acquisition that closed on August 1, 2018. Goodwill is assessed for impairment at least annually or more often if conditions indicate a possible impairment. The assessment is done at a reporting unit level, which is one level below the operating segments. See Note 14. Segment Reporting for additional information on the Company's segment reporting. There have been no changes to the carrying amount of goodwill during the six months ended March 31, 2022.
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The changes in the carrying amount of the Company’s intangible assets were as follows:
(Dollars in thousands)
Trademark(1)
Non-Compete(2)
Customer Relationships(3)
All Others(4)
Total
Intangible Assets
At September 30, 2021$9,823 $40 $17,868 $5,417 $33,148 
Acquisitions during the period— — — 1 1 
Amortization during the period(526)(40)(2,829)(262)(3,657)
Write-offs during the period— — — (202)(202)
At March 31, 2022$9,297 $— $15,039 $4,954 $29,290 
Gross carrying amount$14,624 $2,481 $82,088 $9,940 $109,133 
Accumulated amortization(5,327)(2,481)(56,801)(4,768)(69,377)
Accumulated impairment— — (10,248)(218)(10,466)
At March 31, 2022$9,297 $— $15,039 $4,954 $29,290 
At September 30, 2020$10,901 $422 $24,333 $6,036 $41,692 
Acquisitions during the period— — — 5 5 
Amortization during the period(544)(191)(3,716)(319)(4,770)
Write-offs during the period— — — (24)(24)
At March 31, 2021$10,357 $231 $20,617 $5,698 $36,903 
Gross carrying amount$14,624 $2,481 $82,088 $10,123 $109,316 
Accumulated amortization(4,267)(2,250)(51,223)(4,207)(61,947)
Accumulated impairment— — (10,248)(218)(10,466)
At March 31, 2021$10,357 $231 $20,617 $5,698 $36,903 
(1) Book amortization period of 5-15 years. Amortized using the straight line and accelerated methods.
(2) Book amortization period of 3-5 years. Amortized using the straight line method.
(3) Book amortization period of 10-30 years. Amortized using the accelerated method.
(4) Book amortization period of 3-20 years. Amortized using the straight line method.

The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets. Estimated amortization expense of intangible assets in the remaining six months of fiscal 2022 and subsequent fiscal years was as follows:
(Dollars in thousands)
Remaining in 2022$2,763 
20235,101 
20244,383 
20253,826 
20263,252 
Thereafter9,965 
Total anticipated intangible amortization$29,290 

The Company tests intangible assets for impairment at least annually or more often if conditions indicate a possible impairment. There were no impairments to intangible assets during the six months ended March 31, 2022 and 2021. Intangible expense is recorded within the impairment expense line of the Condensed Consolidated Statements of Operations.


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NOTE 9. OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES

Operating lease ROU assets, included in other assets, were $31.8 million and $36.1 million at March 31, 2022 and 2021, respectively.

Operating lease liabilities, included in accrued expenses and other liabilities, were $33.6 million and $38.1 million at March 31, 2022 and 2021, respectively.

Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at March 31, 2022 were as follows:
(Dollars in thousands)
Remaining in 2022$2,192 
20233,892 
20243,854 
20253,718 
20263,195 
Thereafter21,732 
Total undiscounted future minimum lease payments 38,583 
Discount(4,938)
Total operating lease liabilities$33,645 

The weighted-average discount rate and remaining lease term for operating leases at March 31, 2022 were as follows:
Weighted-average discount rate2.34 %
Weighted-average remaining lease term (years)10.75

The components of total lease costs for operating leases were as follows:
Three Months Ended March 31,Six Months Ended March 31,
(Dollars in thousands)2022202120222021
Lease expense$1,119 $991 $2,256 $1,945 
Short-term and variable lease cost40 69 75 132 
ROU asset impairment— — — 224 
Sublease income(355)(177)(531)(285)
Total lease cost for operating leases$804 $883 $1,800 $2,016 

NOTE 10. STOCKHOLDERS' EQUITY

Repurchase of Common Stock
The Company's Board of Directors authorized the November 20, 2019 share repurchase program to repurchase up to 7,500,000 shares of the Company's outstanding common stock. All remaining shares available for repurchase under this program were repurchased during the fiscal 2022 first quarter. This authorization was effective from November 21, 2019 through December 31, 2022. On September 7, 2021, the Company's Board of Directors announced a new share repurchase program to repurchase up to an additional 6,000,000 shares of the Company's outstanding common stock. This authorization is effective from September 3, 2021 through September 30, 2024. During the six months ended March 31, 2022, and 2021, the Company repurchased 2,447,699 and 2,599,458 shares, respectively, as part of the share repurchase programs.
Under the repurchase programs, repurchased shares were retired and designated as authorized but unissued shares. The Company accounts for repurchased shares using the par value method under which the repurchase price is charged to paid-in capital up to the amount of the original proceeds of those shares. When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings. As of March 31, 2022, 4,868,177 shares of common stock remained available for repurchase.
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For the six months ended March 31, 2022, and 2021, the Company also repurchased 64,536 and 84,121 shares, or $3.7 million and $1.9 million of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

NOTE 11. STOCK COMPENSATION

The Company maintains the Meta Financial Group, Inc. 2002 Omnibus Incentive Plan, as amended and restated (the "2002 Omnibus Incentive Plan"), which, among other things, provides for the awarding of stock options, nonvested (restricted) shares, and performance share units ("PSUs") to certain officers and directors of the Company. Awards are granted by the Compensation Committee of the Board of Directors based on the performance of the award recipients or other relevant factors.

Compensation expense for share-based awards is recorded over the vesting period at the fair value of the award at the time of the grant. The exercise price of options or fair value of nonvested (restricted) shares and performance share units granted under the Company’s 2002 Omnibus Incentive Plan is equal to the fair market value of the underlying stock at the grant date, adjusted for dividends where applicable. The Company has elected, with the adoption of ASU 2016-09, to record forfeitures as they occur.

The following tables show the activity of nonvested (restricted) shares and PSUs granted, vested, or forfeited under the 2002 Omnibus Incentive Plan for the six months ended March 31, 2022. There were no options granted, exercised, or forfeited under this plan during the six months ended March 31, 2022.
(Dollars in thousands, except per share data)Number of SharesWeighted Average Fair Value at Grant
Nonvested shares outstanding, September 30, 2021
547,063 $30.22 
Granted161,930 57.37 
Vested(197,423)34.29 
Forfeited or expired(11,788)42.19 
Nonvested shares outstanding, March 31, 2022
499,782 $37.13 
(Dollars in thousands, except per share data)Number of UnitsWeighted Average Fair Value at Grant
Performance share units outstanding, September 30, 2021
60,984 $34.03 
Granted(1)
35,705 57.20 
Vested— — 
Forfeited or expired— — 
Performance share units outstanding, March 31, 2022
96,689 $42.59 
(1) The number of PSUs granted reflects the target number of PSUs able to be earned under a given award.

At March 31, 2022, stock-based compensation expense not yet recognized in income totaled $10.8 million, which is expected to be recognized over a weighted average remaining period of 1.63 years.

NOTE 12. INCOME TAXES

The Company recorded an income tax expense of $22.3 million for the six months ended March 31, 2022, resulting in an effective tax rate of 16.66%, compared to an income tax expense of $4.7 million, or an effective tax rate of 4.97%, for the six months ended March 31, 2021. The Company’s effective tax rate was lower than the U.S. statutory rate of 21% primarily because of the anticipated effect of investment tax credits during fiscal year 2022. The Company’s effective tax rate in the future will depend in part on actual investment tax credits earned as part of its financing of solar energy projects.

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The table below compares the income tax expense components for the periods presented.
Six Months Ended March 31,
(Dollars in thousands)20222021
Provision at statutory rate$27,899 $19,271 
Tax-exempt income(362)(486)
State income taxes5,543 4,135 
Interim period effective rate adjustment(3,870)(3,116)
Tax credit investments, net - federal(5,978)(15,464)
Research tax credit(355)(323)
IRC 162(m) nondeductible compensation505 487 
Other, net(1,104)161 
Income tax expense$22,278 $4,665 
Effective tax rate16.66 %4.97 %

NOTE 13. REVENUE FROM CONTRACTS WITH CUSTOMERS

Topic 606 applies to all contracts with customers unless such revenue is specifically addressed under existing guidance. The table below presents the Company’s revenue by operating segment. For additional descriptions of the Company’s operating segments, including additional financial information and the underlying management accounting process, see Note 14. Segment Reporting to the Condensed Consolidated Financial Statements.
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(Dollars in thousands)ConsumerCommercialCorporate Services/OtherConsolidated Company
Three Months Ended March 31,20222021202220212022202120222021
Net interest income(1)
$30,156 $25,085 $44,879 $42,404 $8,765 $6,361 $83,800 $73,850 
Noninterest income:
Refund transfer product fees27,805 22,680 — — — — 27,805 22,680 
Tax advance product fees(1)
39,299 44,562 — — — — 39,299 44,562 
Payment card and deposit fees26,270 29,875 — — — — 26,270 29,875 
Other bank and deposit fees— — 244 126 6 7 250 133 
Rental income(1)
— 5 11,225 9,841 150 — 11,375 9,846 
Net gain realized on investment securities(1)
— — — — 260 6 260 6 
Gain (loss) on sale of other(1)
— — 1,229 1,624 (603)509 626 2,133 
Other income(1)
1,387 919 2,839 2,349 (345)950 3,881 4,218 
Total noninterest income94,761 98,041 15,537 13,940 (532)1,472 109,766 113,453 
Revenue$124,917 $123,126 $60,416 $56,344 $8,233 $7,833 $193,566 $187,303 
Six Months Ended March 31,
Net interest income(1)
$56,427 $47,432 $89,805 $84,252 $9,181 $8,165 $155,413 $139,849 
Noninterest income:
Refund transfer product fees28,384 23,327 — — — — 28,384 23,327 
Tax advance product fees(1)
40,532 46,522 — — — — 40,532 46,522 
Payment card and deposit fees51,402 52,439 — — — — 51,402 52,439 
Other bank and deposit fees— — 475 360 12 10 487 370 
Rental income(1)
— 10 22,302 19,721 150 — 22,452 19,731 
Net gain realized on investment securities(1)
— — — — 397 6 397 6 
Gain on sale of trademarks— — — — 50,000 — 50,000 — 
Gain (loss) on sale of other(1)
— — 6,093 4,216 (8,932)765 (2,839)4,981 
Other income(1)
2,152 1,078 5,624 4,809 (2,234)5,645 5,542 11,532 
Total noninterest income122,470 123,376 34,494 29,106 39,393 6,426 196,357 158,908 
Revenue$178,897 $170,808 $124,299 $113,358 $48,574 $14,591 $351,770 $298,757 
(1) These revenues are not within the scope of Topic 606. Additional details are included in other footnotes to the accompanying financial statements. The scope of Topic 606 explicitly excludes net interest income as well as many other revenues for financial assets and liabilities, including loans, leases, and securities.

Following is a discussion of key revenues within the scope of Topic 606. The Company provides services to customers that have related performance obligations that must be completed to recognize revenue. Revenues are generally recognized immediately upon the completion of the service or over time as services are performed. Any services performed over time generally require that the Company renders services each period; therefore, the Company measures progress in completing these services based upon the passage of time. Revenue from contracts with customers did not generate significant contract assets and liabilities.

Refund Transfer Product Fees. Refund transfer fees are specific to the tax products offered by Refund Advantage and EPS. These fees are for products, services such as payment processing, and product referral commissions. Software partner fees paid and/or incurred are recorded on a net basis. The Company’s obligation for product fees and commissions is satisfied at the time of the product delivery and obligation for payment processing is satisfied at the time of processing. The transaction price for such activity is based upon stand-alone fees within the terms and conditions. At March 31, 2022 and September 30, 2021, there were no receivables related to refund transfer fees, which reflect earned revenue with unconditional rights to payment for product fee income. All refund transfer fees are recorded within the Consumer reporting segment.


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Card Fees. Card fees relate to Meta Payments, Refund Advantage, and EPS products. These fees are for products and services such as card activation, product support, processing, and servicing. The Company earns these fees based upon the underlying terms and conditions with each cardholder over the contract term. Agreements with the Company’s cardholders are considered daily service contracts as they are not fixed in duration. The Company’s obligation for card activation and product support fees is satisfied at the time of product delivery, while the obligation for processing and servicing is satisfied over the course of each month. The transaction price for such activity is based upon the stand-alone fees within the terms and conditions of the cardholder agreements. Card fee revenue also includes income from sponsorships, associations and networks, and interchange income. Sponsorship income relates to fees charged to the Company’s ATM sponsorship partners, where the obligation is satisfied over the course of each month. Association and network income reflect incentives, performance bonuses and rebates with MasterCard and Visa. The obligation for such income is satisfied at the time when certain thresholds of transaction volume have been met. Interchange income is generated by cardholder activity, and therefore the Company’s obligations are satisfied as activity occurs. The transaction price for such activity is based on underlying rates and activity thresholds within the terms and conditions of the applicable agreements. Card fee revenue also includes breakage revenue. Breakage represents the estimated amount that will not be redeemed by the holder of unregistered, unused prepaid cards for goods or services. Breakage revenue is recognized ratably over the expected customer usage period and is an estimate based on cardholder behavior and breakage rates. Breakage is also impacted by escheatment laws. Card fees are recorded within both the Consumer and Commercial reporting segments, the substantial majority of which is derived from the Company's payments divisions and reported in payments card and deposit fees. Card fees not related to the Company's payments divisions are reported within other bank and deposit fees.

Bank and Deposit Fees. Fees are earned on depository accounts for consumer and commercial customers and include fees for account services, overdraft services, and event-driven services (i.e. returned checks, ATM surcharge, card replacement, and wire transfers). The Company’s obligation for event-driven services is satisfied at the time of the event when the service is delivered, while its obligation for account services is satisfied over the course of each month. The Company’s obligation for overdraft services is satisfied at the time of overdraft. The transaction price for such activity is based upon stand-alone fees within the terms and conditions of the deposit agreements. Bank and deposit fees are recorded within both the Consumer and Commercial reporting segments, the majority of which are derived from the Company's payments divisions.

Principal vs Agent. The Consumer reporting segment includes principal/agent relationships. Within this segment, Meta Payments division relationships are recorded on a gross basis within the Condensed Consolidated Statements of Operations, as Meta is the principal in the contract, with the exception of association/network contracts and partner/processor contracts for prepaid cards, which are recorded on a net basis within the Condensed Consolidated Statements of Operations as Meta is the agent in these contracts. Also within this segment, Tax Service relationships are recorded on a gross basis within the Condensed Consolidated Statements of Operations, as Meta is the principal in the contract, with the exception of contracts with software providers and merchants, which are recorded on a net basis within the Condensed Consolidated Statements of Operations as Meta is the agent in these contracts.

NOTE 14. SEGMENT REPORTING

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 reports its results of operations through the following three business segments: Consumer, Commercial, and Corporate Services/Other. The Meta Payments and Tax Services divisions, as well as the Consumer Credit Products and ClearBalance business lines, are reported in the Consumer segment. The Crestmark and AFS divisions are reported in the Commercial segment. The Community Bank division and Student Loan lending portfolio are included in the Corporate Services/Other segment. The Corporate Services/Other segment also includes certain shared services as well as treasury related functions such as the investment portfolio, warehouse finance, wholesale deposits and borrowings. The Company does not report indirect general and administrative expenses in the Consumer and Commercial segments.
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The following tables present segment data for the Company:
(Dollars in thousands)ConsumerCommercialCorporate Services/OtherTotal
Three Months Ended March 31,20222021202220212022202120222021
Net interest income$30,156 $25,085 $44,879 $42,404 $8,765 $6,361 $83,800 $73,850 
Provision for credit losses29,685 28,020 2,205 2,203 412 67 32,302 30,290 
Noninterest income94,761 98,041 15,537 13,940 (532)1,472 109,766 113,453 
Noninterest expense29,892 30,189 31,457 27,829 41,811 37,953 103,160 95,971 
Income (loss) before income tax expense65,340 64,917 26,754 26,312 (33,990)(30,187)58,104 61,042 
Total assets456,335 531,305 3,355,196 3,030,088 3,075,708 6,228,730 6,887,239 9,790,123 
Total goodwill87,145 87,145 222,360 222,360 — — 309,505 309,505 
Total deposits5,693,063 8,447,910 6,882 12,177 129,941 182,326 5,829,886 8,642,413 
Six Months Ended March 31,
Net interest income$56,427 $47,432 $89,805 $84,252 $9,181 $8,165 $155,413 $139,849 
Provision (reversal of) for credit losses30,946 30,386 13,797 8,670 (12,255)(2,677)32,488 36,379 
Noninterest income122,470 123,376 34,494 29,106 39,393 6,426 196,357 158,908 
Noninterest expense49,553 48,351 64,504 54,997 71,539 65,198 185,596 168,546 
Income (loss) before income tax expense98,398 92,071 45,998 49,691 (10,710)(47,930)133,686 93,832 
Total assets456,335 531,305 3,355,196 3,030,088 3,075,708 6,228,730 6,887,239 9,790,123 
Total goodwill87,145 87,145 222,360 222,360 — — 309,505 309,505 
Total deposits5,693,063 8,447,910 6,882 12,177 129,941 182,326 5,829,886 8,642,413 

NOTE 15. FAIR VALUES OF FINANCIAL INSTRUMENTS

ASC 820, Fair Value Measurements defines fair value, establishes a framework for measuring the fair value of assets and liabilities using a hierarchy system and requires disclosures about fair value measurement. It clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts.

The fair value hierarchy is as follows:

Level 1 Inputs - Valuation is based upon quoted prices for identical instruments traded in active markets that the Company has the ability to access at measurement date.

Level 2 Inputs - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which significant assumptions are observable in the market.

Level 3 Inputs - Valuation is generated from model-based techniques that use significant assumptions not observable in the market and are used only to the extent that observable inputs are not available. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability.

Debt Securities Available for Sale and Held to Maturity. Debt securities available for sale are recorded at fair value on a recurring basis and debt securities held to maturity are carried at amortized cost.
 
The fair value of debt securities available for sale, categorized primarily as Level 2, is recorded using prices obtained from independent asset pricing services that are based on observable transactions, but not quoted markets. Management reviews the prices obtained from independent asset pricing services for unusual fluctuations and compares to current market trading activity.
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Equity Securities. Marketable equity securities and certain non-marketable equity securities are recorded at fair value on a recurring basis. The fair values of marketable equity securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs).

The following tables summarize the fair values of debt securities available for sale and equity securities as they are measured at fair value on a recurring basis:
 Fair Value At March 31, 2022
(Dollars in thousands)TotalLevel 1Level 2Level 3
Debt securities AFS    
Corporate securities$23,250 $— $23,250 $— 
SBA securities137,400 — 137,400 — 
Obligations of states and political subdivisions2,706 — 2,706 — 
Non-bank qualified obligations of states and political subdivisions240,423 — 240,423 — 
Asset-backed securities353,581 — 353,581 — 
Mortgage-backed securities1,286,118 — 1,286,118 — 
Total debt securities AFS$2,043,478 $— $2,043,478 $— 
Common equities and mutual funds(1)
$3,853 $3,853 $— $— 
Non-marketable equity securities(2)
$6,165 $— $— $— 
(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2022 and September 30, 2021.
(2) Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

 Fair Value At September 30, 2021
(Dollars in thousands)TotalLevel 1Level 2Level 3
Debt securities AFS    
Corporate securities$25,000 $— $25,000 $— 
SBA securities157,209 — 157,209 — 
Obligations of states and political subdivisions2,507 — 2,507 — 
Non-bank qualified obligations of states and political subdivisions268,295 — 268,295 — 
Asset-backed securities394,859 — 394,859 — 
Mortgage-backed securities1,017,029 — 1,017,029 — 
Total debt securities AFS$1,864,899 $— $1,864,899 $— 
Common equities and mutual funds(1)
$12,668 $12,668 $— $— 
Non-marketable equity securities(2)
$4,560 $— $— $— 
(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2022 and September 30, 2021.
(2) Consists of certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

Foreclosed Real Estate and Repossessed Assets. Real estate properties and repossessed assets are initially recorded at the fair value less selling costs at the date of foreclosure, establishing a new cost basis. The carrying amount represents the lower of the new cost basis or the fair value less selling costs of foreclosed assets that were measured at fair value subsequent to their initial classification as foreclosed assets.

Loans and Leases. The Company does not record loans and leases at fair value on a recurring basis. However, if a loan or lease is individually evaluated for risk of credit loss and repayment is expected to be solely provided by the values of the underlying collateral, the Company measures fair value on a nonrecurring basis. Fair value is determined by the fair value of the underlying collateral less estimated costs to sell. The fair value of the collateral is determined based on internal estimates and/or assessments provided by third-party appraisers and the valuation relies on discount rates ranging from 4% to 35%.

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The following table summarizes the assets of the Company that are measured at fair value in the Condensed Consolidated Statements of Financial Condition on a non-recurring basis:
 Fair Value At March 31, 2022
(Dollars in thousands)TotalLevel 1Level 2Level 3
Loans and leases, net individually evaluated for credit loss    
Commercial finance$8,006 $— $— $8,006 
    Total loans and leases, net individually evaluated
    for credit loss		8,006 — — 8,006 
Foreclosed assets, net112 — — 112 
Total$8,118 $— $— $8,118 

 Fair Value At September 30, 2021
(Dollars in thousands)TotalLevel 1Level 2Level 3
Loans and leases, net individually evaluated for credit loss    
Commercial finance$3,404 $— $— $3,404 
Community banking9,371 — — 9,371 
    Total loans and leases, net individually evaluated
    for credit loss		12,775 — — 12,775 
Foreclosed assets, net2,077 — — 2,077 
Total$14,852 $— $— $14,852 

 Quantitative Information About Level 3 Fair Value Measurements
(Dollars in thousands)
Fair Value at
March 31, 2022
Fair Value at
September 30, 2021
Valuation
Technique		Unobservable InputRange of Inputs
Loans and leases, net individually evaluated for credit loss$8,006 12,775 Market approach
Appraised values(1)
4% - 35%
Foreclosed assets, net$112 2,077 Market approach
Appraised values(1)
9% - 20%
(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 35%.

Management discloses the estimated fair value of financial instruments, including assets and liabilities on and off the Condensed Consolidated Statements of Financial Condition, for which it is practicable to estimate fair value. These fair value estimates were made at March 31, 2022 and September 30, 2021 based on relevant market information and information about financial instruments. Fair value estimates are intended to represent the price at which an asset could be sold or a liability could be settled. However, since there is no active market for certain financial instruments of the Company, the estimates of fair value are subjective in nature, involve uncertainties, and include matters of significant judgment. Changes in assumptions as well as tax considerations could significantly affect the estimated values. Accordingly, the aggregate fair value estimates are not intended to represent the underlying value of the Company, on either a going concern or a liquidation basis.

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The following tables present the carrying amount and estimated fair value of the financial instruments held by the Company:
 At March 31, 2022
(Dollars in thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets
Cash and cash equivalents$237,680 $237,680 $237,680 $— $— 
Debt securities available for sale2,043,478 2,043,478 — 2,043,478 — 
Debt securities held to maturity47,287 45,436 — 45,436 — 
Common equities and mutual funds(1)
3,853 3,853 3,853 — — 
Non-marketable equity securities(1)(2)
24,114 24,114 — 17,949 — 
Loans held for sale31,410 31,410 — 31,410 — 
Loans and leases3,726,093 3,642,987 — — 3,642,987 
Federal Reserve Bank and Federal Home Loan Bank stocks28,812 28,812 — 28,812 — 
Accrued interest receivable19,115 19,115 19,115 — — 
Financial liabilities
Deposits5,829,886 5,829,791 5,818,128 11,663 — 
Other short- and long-term borrowings91,386 92,216 — 92,216 — 
Accrued interest payable571 571 571 — — 
(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2022.
(2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
 At September 30, 2021
(Dollars in thousands)Carrying
Amount		Estimated
Fair Value		Level 1Level 2Level 3
Financial assets
Cash and cash equivalents$314,019 $314,019 $314,019 $— $— 
Debt securities available for sale1,864,899 1,864,899 — 1,864,899 — 
Debt securities held to maturity56,669 56,391 — 56,391 — 
Common equities and mutual funds(1)
12,668 12,668 12,668 — — 
Non-marketable equity securities(1)(2)
17,509 17,509 — 12,949 — 
Loans held for sale56,194 56,194 — 56,194 — 
Loans and leases3,607,815 3,616,646 — — 3,616,646 
Federal Reserve Bank and Federal Home Loan Bank stocks28,400 28,400 — 28,400 — 
Accrued interest receivable16,254 16,254 16,254 — — 
Financial liabilities
Deposits5,514,971 5,515,035 5,482,471 32,564 — 
Other short- and long-term borrowings92,834 93,938 — 93,938 — 
Accrued interest payable579 579 579 — — 
(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at September 30, 2021.
(2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

NOTE 16. SUBSEQUENT EVENTS

Management has evaluated subsequent events that occurred after March 31, 2022. During this period, up to the filing date of this Quarterly Report on Form 10-Q, management did not identify any material subsequent events that would require recognition or disclosure in our Condensed Consolidated Financial Statements as of or for the quarter ended March 31, 2022.


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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

META FINANCIAL GROUP, INC.®
AND SUBSIDIARIES
 
FORWARD-LOOKING STATEMENTS
META FINANCIAL GROUP, INC.® ("Meta" or the "Company" or "us") and its wholly-owned subsidiary, MetaBank®, National Association ("MetaBank" or "the Bank") may from time to time make written or oral “forward-looking statements,” including statements contained in this Quarterly Report on Form 10-Q, the Company’s other filings with the Securities and Exchange Commission (the "SEC"), the Company’s reports to stockholders, and other communications by the Company and MetaBank, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future,” or the negative of those terms, or other words of similar meaning or similar expressions. You should carefully read statements that contain these words because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements are based on information currently available to us and assumptions about future events, and include statements with respect to the Company’s beliefs, expectations, estimates, and intentions, which are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such risks, uncertainties and other factors may cause our actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Such statements address, among others, the following subjects: future operating results; our ability to remediate the material weakness in our internal controls over financial reporting and otherwise maintain effective internal controls over financial reporting; the expected impact of the ongoing COVID-19 pandemic and related governmental actions on our business, industry, and the capital markets; customer retention; expectations regarding the Company's and the Bank's ability to meet minimum capital ratios and capital conservation buffers; loan and other product demand; expectations concerning acquisitions and divestitures; new products and services; credit quality; the level of net charge-offs and the adequacy of the allowance for credit losses; technology; and management and other employees. The following factors, among others, could cause the Company's financial performance and results of operations to differ materially from the expectations, estimates, and intentions expressed in such forward-looking statements: successfully transitioning and maintaining our executive management team; expected growth opportunities may not be realized or may take longer to realize than expected; the potential adverse effects of the ongoing COVID-19 pandemic and any governmental or societal responses thereto, or other unusual and infrequently occurring events, including the impact on financial markets from geopolitical conflicts such as the military conflict between Russia and Ukraine; successfully completing our announced rebranding and our ability to achieve brand recognition equal to or greater than we currently enjoy; changes in tax laws; the strength of the United States' economy, and the local economies in which the Company operates; changes in trade, monetary, and fiscal policies and laws, including actual changes in interest rates and the Fed funds rate; inflation, market, and monetary fluctuations; the timely and efficient development of new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by users; the Bank's ability to maintain its Durbin Amendment exemption; the risks of dealing with or utilizing third parties, including, in connection with the Company’s tax refund advance business; the risk of reduced volume of refund advance loans as a result of reduced customer demand for or usage of Meta’s strategic partners’ refund advance products; our relationship with, and any actions which may be initiated by our regulators; changes in financial services laws and regulations, including laws and regulations relating to the tax refund industry and the insurance premium finance industry and recent and potential changes in response to the ongoing COVID-19 pandemic; technological changes, including, but not limited to, the security of our electronic systems and information; the impact of acquisitions and divestitures; litigation risk; the growth of the Company’s business, as well as expenses related thereto; continued maintenance by MetaBank of its status as a well-capitalized institution; changes in consumer spending and saving habits; losses from fraudulent or illegal activity; technological risks and developments, and cyber threats, attacks or events; and the success of the Company at maintaining its high quality asset level and managing and collecting assets of borrowers in default should problem assets increase.

The foregoing list of factors is not exclusive. We caution you not to place undue reliance on these forward-looking statements. The forward-looking statements included in this Quarterly Report on Form 10-Q speak only as of the date hereof, and the Company does not undertake any obligation to update, revise, or clarify these forward-looking statements whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in its entirety by the cautionary statements contained or referred to in this section. Additional discussions of factors affecting the Company’s business and prospects are reflected under the caption “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended September 30, 2021, and in other filings made with the SEC. The Company expressly disclaims any intent or obligation to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the Company or its subsidiaries, whether as a result of new information, changed circumstances, or future events or for any other reason.


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GENERAL

The Company, a registered bank holding company, is a Delaware corporation, the principal assets of which are all the issued and outstanding shares of the Bank, a national bank. Unless the context otherwise requires, references herein to the Company include Meta and the Bank, and all direct or indirect subsidiaries of Meta on a consolidated basis.

The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “CASH.”

The following discussion focuses on the consolidated financial condition of the Company at March 31, 2022, compared to September 30, 2021, and the consolidated results of operations for the three and six months ended March 31, 2022 and 2021. This discussion should be read in conjunction with the Company’s consolidated financial statements, and notes thereto, for the year ended September 30, 2021 and the related management's discussion and analysis of financial condition and results of operations contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2021.

EXECUTIVE SUMMARY

Tax Season

For the 2022 tax season, the Bank originated $1.83 billion in refund advance loans compared to $1.79 billion during the 2021 tax season. The Company expects taxpayer advance volumes to return to more normalized levels in the 2023 tax season, absent further stimulus or additional changes to tax credit payments.

During the second quarter of fiscal 2022, total tax services product revenue was $68.3 million, an increase of 2% compared to the second quarter of fiscal 2021. Both total tax services product fee income and total tax services product expense were approximately flat compared to the prior year period. Net interest income on tax services loans increased $1.5 million during the second quarter of fiscal 2022 compared to the second quarter last year.

Total tax services product income, net of losses and direct product expenses, increased 6% to $34.4 million from $32.6 million, when comparing the first six months of fiscal 2022 to the same period of the prior fiscal year.

Business Development Highlights for the 2022 Fiscal Second Quarter

•On March 29, 2022, the Company announced it is changing its name to Pathward Financial, Inc.™, and its bank subsidiary, MetaBank®, N.A., will be changing its name to Pathward™, N.A. Certain changes will be made immediately, with a full transition to Pathward expected by the end of this calendar year, including the launch of a new brand identity and website. The Company will continue to serve its customers under existing brand names during the transition. The Company recognized $2.8 million of pre-tax expenses related to rebranding efforts during the second quarter of fiscal 2022. The Company continues to estimate total rebranding expenses will range between $15 million and $20 million.
•On April 27, 2022, Meta published its second annual ESG report. In addition to detailing the Company's community impact program and its diversity, equity, and inclusion initiatives, it contains enhanced quantitative reporting, which will be used to measure progress.

Financial Highlights for the 2022 Fiscal Second Quarter

•Total revenue for the second quarter was $193.6 million, an increase of $6.2 million, or 3%, compared to the same quarter in fiscal 2021, primarily driven by an increase in interest income, partially offset by a reduction in noninterest income.

•Net interest income for the second quarter was $83.8 million, an increase of $10.0 million compared to $73.9 million in the second quarter last year.

•Net interest margin ("NIM") increased to 4.80% for the second quarter from 3.07% during the same period of last year. The prior year was impacted by excess cash associated with the Company's participation in the U.S. Treasury Department's Economic Impact Program ("EIP").

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•Total gross loans and leases at March 31, 2022 increased $78.1 million, to $3.73 billion, or 2%, compared to March 31, 2021 and increased $43.5 million, or 1%, when compared to December 31, 2021. The increase compared to the prior year quarter was driven by growth across our loan portfolios, partially offset by the sale of all remaining community banking loans during the fiscal 2022 first quarter.

•The Company originated $1.3 million in aggregate principal of renewable energy loan financing for the second quarter of fiscal 2022, resulting in $0.3 million in total net investment tax credits.

•The Company repurchased 736,198 shares, at an average price of $57.01, in the second fiscal quarter and has 4,868,177 shares available for repurchase under the common stock share repurchase program announced during the fourth quarter of fiscal year 2021.

•On March 24, 2022, the Company's Board of Directors approved the redemption at par of $75.0 million of the 5.75% fixed to floating rate note due August 15, 2026. The redemption date is set for May 15, 2022.

FINANCIAL CONDITION

At March 31, 2022, the Company’s total assets increased by $196.6 million to $6.89 billion compared to September 30, 2021, primarily due to an increase of $178.6 million in securities available for sale.

Total cash and cash equivalents was $237.7 million at March 31, 2022, decreasing from $314.0 million at September 30, 2021, primarily resulting from a decrease in excess cash associated with the Company's participation in the EIP in the prior year. Otherwise, the Company maintains its cash investments primarily in interest-bearing overnight deposits with the FHLB of Des Moines and the FRB. At March 31, 2022, the Company did not have any federal funds sold.

The total investment portfolio increased $169.2 million, or 9%, to $2.09 billion at March 31, 2022, compared to $1.92 billion at September 30, 2021, as purchases exceeded maturities and principal pay downs. The Company’s portfolio of securities customarily consists primarily of MBS, which have expected lives much shorter than the stated final maturity, non-bank qualified obligations of states and political subdivisions, which mature in approximately 15 years or less, and other tax exempt municipal mortgage related pass through securities which have average lives much shorter than their stated final maturities. All MBS held by the Company at March 31, 2022 were issued by a U.S. Government agency or instrumentality. During the six months ended March 31, 2022, the Company purchased $470.1 million of investment securities.

Loans held for sale at March 31, 2022 totaled $31.4 million, decreasing from $56.2 million at September 30, 2021. This decrease was primarily driven by the balance of SBA/USDA loans held for sale as of March 31, 2022 as compared to September 30, 2021.

The Company’s total loans and leases increased $118.3 million, or 3%, to $3.73 billion at March 31, 2022, from $3.61 billion at September 30, 2021. The increase was primarily driven by growth in the commercial finance, tax services, warehouse finance, and consumer finance portfolios, partially offset by the sales of all remaining community banking loans. See Note 5 to the “Notes to Condensed Consolidated Financial Statements” of this Quarterly Report on Form 10-Q.

Commercial finance loans increased $189.3 million, tax services loans increased $75.6 million, consumer finance increased $30.9 million, and warehouse finance increased $21.6 million at March 31, 2022 compared to September 30, 2021. The increase in commercial finance loan balances was largely driven by the term lending category. The seasonality of the Company's tax services business led to the increase in tax services loans at March 31, 2022 compared to September 30, 2021.

Community banking loans decreased $199.1 million, or 100%, at March 31, 2022 compared to September 30, 2021, as all remaining community banking loans were sold during the fiscal 2022 first quarter.

Through the Bank, the Company owns stock in the FHLB due to the Bank’s membership and participation in this banking system as well as stock in the Federal Reserve Bank. The FHLB requires a level of stock investment based on a pre-determined formula. The Company’s investment in these stocks increased $0.4 million, or 1% to $28.8 million at March 31, 2022 from $28.4 million at September 30, 2021, resulting from the purchase of FHLB membership stock.
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Total end-of-period deposits increased 6% to $5.83 billion at March 31, 2022, compared to September 30, 2021, primarily driven by an increase in noninterest-bearing deposits of $592.1 million partially offset by a decrease in interest-bearing checking of $254.4 million. As of March 31, 2022, the Company managed $1.85 billion of customer deposits at other banks in its capacity as custodian.

The Company's total borrowings decreased $1.4 million, or 2%, from $92.8 million at September 30, 2021 to $91.4 million at March 31, 2022.

At March 31, 2022, the Company’s stockholders’ equity totaled $763.4 million, a decrease of $108.5 million, from $871.9 million at September 30, 2021. The decrease was primarily attributable to a reduction in accumulated other comprehensive income ("AOCI") and a reduction in retained earnings related to activity from the Company's share repurchase programs. The Company and Bank remained above the federal regulatory minimum capital requirements at March 31, 2022, continued to be classified as well-capitalized, and in good standing with the regulatory agencies. See “Liquidity and Capital Resources” for further information.

Payments Noninterest-bearing Checking Deposits
The Company may hold negative balances associated with cardholder programs in the payments division that are included within noninterest-bearing deposits on the Company's Condensed Consolidated Statements of Financial Condition. Negative balances can relate to any of the following payments functions:

–Prefundings: The Company deploys funds to cards prior to receiving cash (typically 2-3 days) where the prefunding balance is netted at a pooled partner level utilizing ASC 210-20.
–Discount fundings: The Company funds cards in an amount that is estimated to be less than final breakage values on card programs. Consumers may spend more than is estimated. These discounts are netted at a pooled partner level using ASC 210-20. The majority of these discount fundings relate to one partner.
–Demand Deposit Account ("DDA") overdrafts: Certain programs offered allow cardholders traditional DDA overdraft protection services whereby cardholders can spend a limited amount in excess of their available card balance. When overdrawn, these accounts are re-classed as loans on the balance sheet within the Consumer Finance category.

The Company meets the Right of Set off criteria in ASC 210-20, Balance Sheet - Offsetting, for all payments negative deposit balances with the exception of DDA overdrafts. The following table summarizes the Company's negative deposit balances within the payments division:
(Dollars in thousands)March 31, 2022September 30, 2021
Noninterest-bearing deposits$6,084,769 $5,492,646 
Prefunding(428,011)(436,111)
Discount funding(36,943)(26,440)
DDA overdrafts(9,513)(11,862)
Noninterest-bearing checking, net$5,610,302 $5,018,233 

RESULTS OF OPERATIONS
 
General
The Company recorded net income of $49.3 million, or $1.66 per diluted share, for the three months ended March 31, 2022, compared to net income of $59.1 million, or $1.84 per diluted share, for the three months ended March 31, 2021. Total revenue for the fiscal 2022 second quarter was $193.6 million, compared to $187.3 million for the same quarter in fiscal 2021. The decrease in net income was primarily driven by an increase in noninterest expense, an increase in income tax expense, and a decrease in noninterest income, partially offset by an increase in net interest income.

The Company recorded net income of $110.6 million, or $3.66 per diluted share, for the six months ended March 31, 2022, compared to $87.1 million, or $2.65 per diluted share, compared to the same period in the prior year. Total revenue for the six months ended March 31, 2022 was $351.8 million, compared to $298.8 million for the same period of the prior year. The increase in net income was primarily driven by an increase in net interest income and noninterest income, partially offset by increases in both income tax expense and noninterest expense.
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Net Interest Income
Net interest income for the fiscal 2022 second quarter was $83.8 million, an increase of 13%, from the same quarter in fiscal 2021. The increase was mainly attributable to an improved earning asset mix, together with increased loan balances. For the six months ended March 31, 2022, net interest income was $155.4 million, an increase of 11%, from $139.8 million compared to the same period in the prior year.

The second quarter average outstanding balance of loans and leases increased $124.1 million compared to the same quarter of the prior year, primarily due to increases in core loan and lease portfolios, partially offset by the sale of the remaining community bank portfolio. The Company’s average interest-earning assets for the second quarter decreased by $2.69 billion to $7.08 billion compared with the same quarter in fiscal 2021, primarily due to a reduction in cash balances as a result of high cash levels during the prior year period related to the Company's participation in government stimulus programs. The decrease in interest-earnings assets was partially offset by growth in total investments and total loans and leases.

Fiscal 2022 second quarter NIM increased to 4.80% from 3.07% in the second quarter of last year. The overall reported tax equivalent yield (“TEY”) on average earning assets increased by 174 basis points to 4.89% compared to the prior year quarter, primarily driven by a decrease in lower-yielding cash balances. Growth in loan and lease and investment securities balances also contributed to the year-over-year TEY increase. The yield on the loan and lease portfolio was 7.22% compared to 6.74% for the comparable period last year and the TEY on the securities portfolio was 1.83% compared to 1.78% for that same period.

For the six months ended March 31, 2022, NIM was 4.70%, an increase of 105 basis points from 3.65% compared to the same period in the prior year. NIM, tax-equivalent for the six months ended March 31, 2022 increased to 4.72% from 3.67% in the same period of the prior year.

The Company's cost of funds for all deposits and borrowings averaged 0.08% during the fiscal 2022 second quarter, the same as the prior year quarter. The Company's overall cost of deposits was 0.01% in the fiscal 2022 second quarter, compared to 0.02% in the same quarter last year.

The following tables present, for the periods indicated, the Company’s total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Tax-equivalent adjustments have been made in yield on interest-bearing assets and net interest margin. Nonaccruing loans and leases have been included in the table as loans carrying a zero yield.

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Three Months Ended March 31,
20222021
(Dollars in thousands)Average
Outstanding
Balance		Interest
Earned /
Paid
Yield /
Rate(1)
Average
Outstanding
Balance		Interest
Earned /
Paid
Yield /
Rate(1)
Interest-earning assets:      
Cash and fed funds sold$810,857 $721 0.36 %$4,187,558 $1,090 0.11 %
Mortgage-backed securities1,184,377 5,446 1.86 %543,256 2,607 1.95 %
Tax exempt investment securities189,213 903 2.45 %297,299 1,132 1.96 %
Asset-backed securities370,671 1,142 1.25 %389,406 1,290 1.34 %
Other investment securities282,655 1,425 2.05 %230,168 1,077 1.90 %
Total investments2,026,916 8,916 1.83 %1,460,129 6,106 1.78 %
Commercial finance2,852,147 48,872 6.95 %2,471,694 46,299 7.60 %
Consumer finance331,033 7,892 9.67 %255,625 6,968 11.06 %
Tax services594,166 11,599 7.92 %714,789 6,544 3.71 %
Warehouse finance467,298 7,177 6.23 %315,162 4,845 6.23 %
Community banking— — — %363,285 3,817 4.26 %
Total loans and leases4,244,644 75,540 7.22 %4,120,555 68,473 6.74 %
Total interest-earning assets7,082,417 $85,177 4.89 %9,768,242 $75,669 3.15 %
Noninterest-earning assets814,151 887,610 
Total assets$7,896,568 $10,655,852 
Interest-bearing liabilities:
Interest-bearing checking(2)
$289 $— 0.32 %$275,982 $— — %
Savings82,902 6 0.03 %77,562 4 0.02 %
Money markets102,473 53 0.21 %56,352 42 0.30 %
Time deposits8,682 10 0.49 %12,820 34 1.07 %
Wholesale deposits173,493 96 0.22 %175,777 365 0.84 %
Total interest-bearing deposits367,839 165 0.18 %598,493 445 0.30 %
Overnight fed funds purchased95,700 62 0.26 %— — — %
Subordinated debentures74,040 1,002 5.49 %73,864 1,147 6.30 %
Other borrowings17,874 148 3.35 %22,377 227 4.12 %
Total borrowings187,614 1,212 2.62 %96,241 1,374 5.79 %
Total interest-bearing liabilities555,453 1,377 1.01 %694,734 1,819 1.06 %
Noninterest-bearing deposits6,311,583 — — %8,967,067 — — %
Total deposits and interest-bearing liabilities6,867,036 $1,377 0.08 %9,661,801 $1,819 0.08 %
Other noninterest-bearing liabilities213,982 177,372 
Total liabilities7,081,018 9,839,173 
Shareholders' equity815,550 816,679 
Total liabilities and shareholders' equity$7,896,568 $10,655,852 
Net interest income and net interest rate spread including noninterest-bearing deposits$83,800 4.81 %$73,850 3.08 %
Net interest margin4.80 %3.07 %
Tax-equivalent effect0.01 %0.01 %
Net interest margin, tax-equivalent(3)
4.81 %3.08 %
(1) Tax rate used to arrive at the TEY for the three months ended March 31, 2022 and 2021 was 21%.
(2) At March 31, 2021, $275.7 million of the total balance were interest-bearing deposits where interest expense was paid by a third party and not by the Company. On October 1, 2021, the Company reclassified the balances related to that program to noninterest bearing checking due to the product moving to noninterest bearing.
(3) Net interest margin expressed on a fully-taxable-equivalent basis ("net interest margin, tax-equivalent") is a non-GAAP financial measure. The tax-equivalent adjustment to net interest income recognizes the estimated income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income. The Company believes that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis and, accordingly, believes the presentation of this non-GAAP financial measure may be useful for peer comparison purposes.
41
Six Months Ended March 31,
20222021
(Dollars in thousands)Average
Outstanding
Balance		Interest
Earned /
Paid
Yield /
Rate(1)
Average
Outstanding
Balance		Interest
Earned /
Paid
Yield /
Rate(1)
Interest-earning assets:      
Cash and fed funds sold$701,548 $1,280 0.37 %$2,485,330 $1,932 0.16 %
Mortgage-backed securities1,094,729 9,310 1.71 %490,358 4,730 1.93 %
Tax exempt investment securities198,518 1,723 2.20 %315,714 2,348 1.89 %
Asset-backed securities379,212 2,295 1.21 %357,514 2,490 1.40 %
Other investment securities281,232 2,885 2.06 %226,032 2,186 1.94 %
Total investments1,953,691 16,213 1.71 %1,389,618 11,754 1.79 %
Commercial finance2,813,348 97,894 6.98 %2,444,396 91,928 7.54 %
Consumer finance323,724 14,006 8.68 %247,534 11,716 9.49 %
Tax services310,805 13,073 8.44 %366,157 6,553 3.59 %
Warehouse finance455,271 14,077 6.20 %299,510 9,778 6.55 %
Community banking69,707 1,525 4.39 %447,096 10,153 4.55 %
Total loans and leases3,972,855 140,575 7.10 %3,804,693 130,128 6.86 %
Total interest-earning assets6,628,094 $158,068 4.80 %7,679,641 $143,814 3.77 %
Noninterest-earning assets827,143 866,262 
Total assets$7,455,237 $8,545,903 
Interest-bearing liabilities:
Interest-bearing checking(2)
$339 $1 0.32 %$218,743 $— — %
Savings81,822 11 0.03 %64,741 6 0.02 %
Money markets88,921 105 0.24 %54,466 81 0.30 %
Time deposits8,651 25 0.58 %15,130 91 1.20 %
Wholesale deposits119,855 164 0.28 %218,925 1,063 1.97 %
Total interest-bearing deposits299,588 306 0.21 %572,005 1,241 0.44 %
Overnight fed funds purchased47,490 63 0.26 %6 — 0.25 %
Subordinated debentures74,017 1,987 5.38 %73,841 2,294 6.23 %
Other borrowings18,259 299 3.28 %23,132 430 3.73 %
Total borrowings139,766 2,349 3.37 %96,979 2,724 5.63 %
Total interest-bearing liabilities439,354 2,655 1.21 %668,984 3,965 1.19 %
Noninterest-bearing deposits5,996,650 — — %6,901,255 — — %
Total deposits and interest-bearing liabilities6,436,004 $2,655 0.08 %7,570,239 $3,965 0.11 %
Other noninterest-bearing liabilities198,278 164,307 
Total liabilities6,634,282 7,734,546 
Shareholders' equity820,955 811,357 
Total liabilities and shareholders' equity$7,455,237 $8,545,903 
Net interest income and net interest rate spread including noninterest-bearing deposits$155,413 4.72 %$139,849 3.67 %
Net interest margin4.70 %3.65 %
Tax-equivalent effect0.02 %0.02 %
Net interest margin, tax-equivalent(3)
4.72 %3.67 %
(1) Tax rate used to arrive at the TEY for the six months ended March 31, 2022 and 2021 was 21%.
(2) At March 31, 2021, $218.5 million of the total balance were interest-bearing deposits where interest expense was paid by a third party and not by the Company. On October 1, 2021, the Company reclassified the balances related to that program to noninterest bearing checking due to the product moving to noninterest bearing.
(3) Net interest margin expressed on a fully-taxable-equivalent basis ("net interest margin, tax-equivalent") is a non-GAAP financial measure. The tax-equivalent adjustment to net interest income recognizes the estimated income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income. The Company believes that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis and, accordingly, believes the presentation of this non-GAAP financial measure may be useful for peer comparison purposes.


42
Provision for Credit Losses
The Company recognized provision for credit losses of $32.3 million and $32.5 million for the three and six months ended March 31, 2022, as compared to $30.3 million and $36.4 million for the comparable period in the prior fiscal year. Net charge-offs were $11.2 million for the quarter ended March 31, 2022, compared to $3.7 million for the quarter ended March 31, 2021. Net charge-offs attributable to the commercial finance portfolio for the quarter were $10.7 million and net charge-offs attributable to the consumer finance portfolio were $0.7 million.

Noninterest Income
Fiscal 2022 second quarter noninterest income decreased to $109.8 million from $113.5 million for the same period of the prior year. The decrease was driven by a reduction in payments fee income of $3.6 million and a net loss on our MoneyLion investment of $1.3 million, partially offset by an increase in rental income of $1.5 million.

During the second quarter of fiscal year 2022, the Company sold the entirety of its equity investment in MoneyLion, recognizing a net loss of $1.3 million during the current period. Following the completion of MoneyLion's de-SPAC process and listing on the New York Stock Exchange on September 22, 2021, the Company recognized a cumulative loss of approximately $0.4 million on the investment dating back to the fourth quarter of fiscal year 2021. The Company continues to be a strategic BaaS provider to MoneyLion.

Noninterest income for the six months ended March 31, 2022 increased to $196.4 million from $158.9 million for the same period of the prior year, primarily driven by the gain on sale of Meta names and trademarks during the first quarter of fiscal 2022.

Noninterest Expense
Noninterest expense increased 7% to $103.2 million for the fiscal 2022 second quarter, from $96.0 million for the same quarter last year. The increase in expense was primarily driven by an increase in consulting expense, software expense, operating lease equipment depreciation and compensation expense. Compensation expense for the second quarter of fiscal 2022 includes $0.9 million of separation-related expenses. When comparing the fiscal 2022 second quarter to the first quarter of 2022, non-interest expense increased by $20.7 million.

Of the $2.8 million in rebranding expenses the Company incurred during the quarter, $2.0 million is recognized in other expense and $0.8 million is related to legal and consulting expense.

Noninterest expense for the six months ended March 31, 2022 increased to $185.6 million from $168.5 million for the same period of the prior year.

Income Tax Expense
The Company recorded an income tax expense of $8.0 million, representing an effective tax rate of 13.8%, for the fiscal 2022 second quarter, compared to $1.1 million, representing an effective tax rate of 1.9%, for the second quarter last year. The current quarter increase in income tax expense was primarily due to a reduction in renewable energy investment tax credit lending volume compared to the prior year period.

The Company originated $1.3 million in solar leases during the fiscal 2022 second quarter, compared to $20.0 million in last year's second quarter. Investment tax credits related to solar leases are recognized ratably based on income throughout each fiscal year. For the six months ended March 31, 2022, the Company originated $22.5 million in solar leases, compared to $58.5 million for the comparable prior year period. The timing and impact of future solar tax credits are expected to vary from period to period, and Meta intends to undertake only those tax credit opportunities that meet the Company's underwriting and return criteria.

Asset Quality
Generally, when a loan or lease becomes delinquent 90 days or more or when the collection of principal or interest becomes doubtful, the Company will place the loan or lease on a nonaccrual status and, as a result, previously accrued interest income on the loan or lease is reversed against current income. The loan or lease will generally remain on a non-accrual status until six months of good payment history has been established or management believes the financial status of the borrower has been significantly restored. Certain relationships in the table below are over 90 days past due and still accruing. The Company considers these relationships as being in the process of collection. Insurance premium finance loans, consumer finance and tax services loans are generally not placed on nonaccrual status, but are instead written off when the collection of principal and interest become doubtful.

43
Loans and leases, or portions thereof, are charged-off when collection of principal becomes doubtful. Generally, this is associated with a delay or shortfall in payments of greater than 210 days for insurance premium finance, 180 days for tax and other specialty lending loans, 120 days for consumer credit products and 90 days for other loans. Action is taken to charge off ERO loans if such loans have not been collected by the end of June and taxpayer advance loans if such loans have not been collected by the end of the calendar year. Nonaccrual loans and troubled debt restructurings are generally considered impaired.

The Company believes that the level of allowance for credit losses at March 31, 2022 was appropriate and reflected probable losses related to these loans and leases; however, there can be no assurance that all loans and leases will be fully collectible or that the present level of the allowance will be adequate in the future. See the section below titled “Allowance for Credit Losses” for further information.
 
The table below sets forth the amounts and categories of the Company's nonperforming assets.
(Dollars in thousands) March 31, 2022September 30, 2021
Nonperforming Loans and Leases
Nonaccruing loans and leases: 
Commercial finance$25,327 $19,330 
Community banking— 14,915 
Total nonaccruing loans and leases25,327 34,245 
Accruing loans and leases delinquent 90 days or more: 
Commercial finance5,701 12,489 
Consumer finance4,814 1,236 
Tax services(1)
— 7,962 
Total accruing loans and leases delinquent 90 days or more10,515 21,687 
Total nonperforming loans and leases35,842 55,932 
Other Assets 
Nonperforming operating leases2,386 3,824 
Foreclosed and repossessed assets:
Commercial finance112 2,077 
Total foreclosed and repossessed assets112 2,077 
Total other assets2,498 5,901 
Total nonperforming assets$38,340 $61,833 
Total as a percentage of total assets0.56 %0.92 %
(1) Certain tax services loans do not bear interest.
 
At March 31, 2022, nonperforming loans and leases totaled $35.8 million, representing 0.95% of total loans and leases, compared to $55.9 million, or 1.52% of total loans and leases at September 30, 2021.

Classified Assets. Federal regulations provide for the classification of certain loans, leases, and other assets such as debt and equity securities considered by the Bank's primary regulator, the OCC, to be of lesser quality as “substandard,” “doubtful” or “loss,” with each such classification dependent on the facts and circumstances surrounding the assets in question. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the Bank will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such minimal value that their continuance as assets without the establishment of a specific loss reserve is not warranted.


44
General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. When assets are classified as “loss,” the Bank is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge off such amount. The Bank’s determinations as to the classification of its assets and the amount of its valuation allowances are subject to review by its regulatory authorities, which may order the establishment of additional general or specific loss allowances.

On the basis of management’s review of its loans, leases, and other assets, at March 31, 2022, the Company had classified loans and leases of $167.9 million as substandard, $4.0 million as doubtful and none as loss. At September 30, 2021, the Company classified loans and leases of $264.2 million as substandard, $12.1 million as doubtful and none as loss.

Allowance for Credit Losses. Effective October 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and subsequent related ASUs (collectively “Topic 326”), which measures credit loss for most financial assets, including trade and other receivables, debt securities held to maturity, loans, net investments in leases, purchased financial assets with credit deterioration, and off-balance sheet credit exposures. ASU 2016-13 requires the use of a current expected credit losses ("CECL") methodology to determine the allowance for credit losses ("ACL") for loans and debt securities held to maturity. CECL requires loss estimates for the remaining estimated life of the assets to be measured using historical loss data, adjustments for current conditions, and adjustments for reasonable and supportable forecasts of future economic conditions.

The ACL represents management’s estimate of expected credit losses over the life of each financial asset as of the balance sheet date. The Company individually evaluates loans and leases that do not share similar risk characteristics with other financial assets for credit loss, generally this means loans and leases identified as troubled debt restructurings or loans and leases on nonaccrual status. All other loans and leases are evaluated collectively for credit loss. A reserve for unfunded credit commitments such as letters of credit and binding unfunded loan commitments is recorded in other liabilities on the Condensed Consolidated Statements of Financial Condition.

Individually evaluated loans and leases are a key component of the ACL. Generally, the Company measures credit loss on individually evaluated loans based on the fair value of the collateral less estimated selling costs, as the Company considers these financial assets to be collateral dependent. If an individually evaluated loan or lease is not collateral dependent, credit loss is measured at the present value of expected future cash flows discounted at the loan or lease initial effective interest rate.

The Company's ACL totaled $88.6 million at March 31, 2022, an increase compared to $68.3 million at September 30, 2021. The increase in the ACL at March 31, 2022 was primarily due to the seasonal tax services loan portfolio, which increased $29.2 million during the fiscal 2022 second quarter.

The following table presents the Company's ACL as a percentage of its total loans and leases.
As of the Period Ended
March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Commercial finance1.66 %2.04 %1.77 %1.73 %1.77 %
Consumer finance3.18 %2.70 %2.91 %3.80 %4.70 %
Tax services35.76 %1.60 %0.02 %58.99 %12.90 %
Warehouse finance0.10 %0.10 %0.10 %0.10 %0.10 %
Community banking— %— %6.16 %4.36 %4.03 %
Total loans and leases2.38 %1.84 %1.89 %2.61 %2.71 %
Total loans and leases excluding tax services1.59 %1.84 %1.90 %1.94 %2.04 %


45
Management closely monitors economic developments and considers these factors when assessing the appropriateness of its ACL. The Company's ACL as a percentage of total loans and leases increased to 2.38% at March 31, 2022 from 1.84% at December 31, 2021 and from 1.89% at September 30, 2021. The increase in the total loans and leases coverage ratio was primarily driven by the seasonal tax services loan portfolio. The coverage ratio for the commercial finance portfolio decreased compared to December 31, 2021 due to reduction of specific reserves on two individually evaluated loan relationships. The Company expects to continue to diligently monitor the ACL and adjust as necessary in future periods to maintain an appropriate and supportable level.

Management believes that, based on a detailed review of the loan and lease portfolio, historic loan and lease losses, current economic conditions, the size of the loan and lease portfolio and other factors, the level of the ACL at March 31, 2022 reflected an appropriate allowance against expected credit losses from the lending portfolio. Although the Company maintains its ACL at a level it considers to be appropriate, investors and others are cautioned that there can be no assurance that future losses will not exceed estimated amounts, or that additional provisions for credit losses will not be required in future periods.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
 
The Company’s financial statements are prepared in accordance with GAAP. The financial information contained within these financial statements is, to a significant extent, based on approximate measures of the financial effects of transactions and events that have already occurred. Management has identified its critical accounting policies, which are those policies that, in management's view, are most important in the portrayal of our financial condition and results of operations, and include those for the ACL, goodwill and identifiable intangible assets. These policies involve complex and subjective decisions and assessments. Some of these estimates may be uncertain at the time they are made, could change from period to period, and could have a material impact on the financial statements. A discussion of the Company’s critical accounting policies and estimates can be found in the Company's Annual Report on Form 10-K for the year ended September 30, 2021. There were no significant changes to these critical accounting policies and estimates during the first six months of fiscal 2022.

LIQUIDITY AND CAPITAL RESOURCES

The Company’s primary sources of funds are deposits, derived principally through its payments division, borrowings, principal and interest payments on loans and leases and mortgage-backed securities, and maturing investment securities. In addition, the Company utilizes wholesale deposit sources to provide temporary funding when necessary or when favorable terms are available. While scheduled loan repayments and maturing investments are relatively predictable, deposit flows and early loan repayments are influenced by the level of interest rates, general economic conditions and competition. The Company uses its capital resources principally to meet ongoing commitments to fund maturing certificates of deposits and loan commitments, to maintain liquidity, and to meet operating expenses. 

At March 31, 2022, the Company had unfunded loan and lease commitments of $1.33 billion. Management believes that loan repayment and other sources of funds will be adequate to meet its foreseeable short- and long-term liquidity needs.

As U.S. banking organizations, the Company and the Bank are required to comply with the regulatory capital rules adopted by the Federal Reserve and the OCC (the "Capital Rules") that became effective on January 1, 2015, subject to phase-in periods for certain requirements and other provisions of the Capital Rules. Under the Capital Rules and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings and other factors.

The Capital Rules require the Company and the Bank to maintain minimum ratios (set forth in the table below) of total risk-based capital and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and a leverage ratio consisting of Tier 1 capital (as defined) to average assets (as defined). At March 31, 2022, both the Company and the Bank exceeded federal regulatory minimum capital requirements to be classified as well-capitalized under the prompt corrective action requirements. The Company and the Bank took the AOCI opt-out election; under the rule, non-advanced approach banking organizations were given a one-time option to exclude certain AOCI components.

46
The tables below include certain non-GAAP financial measures that are used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews these measures along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and corresponding reconciliation to total equity. The decrease in Tier 1 leverage capital ratio for the period is the result of higher quarterly average assets related to its seasonal tax business. Regulatory Capital is not affected by the unrealized loss on AOCI. The securities portfolio is made up of nearly all amortizing securities that should provide consistent cash flow and is not expected to require sales to realize the losses to fund future loan growth.
At March 31, 2022CompanyBankMinimum
to be Adequately Capitalized Under Prompt Corrective Action Provisions		Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
Tier 1 leverage capital ratio6.80 %7.79 %4.00 %5.00 %
Common equity Tier 1 capital ratio11.26 13.26 4.50 6.50 
Tier 1 capital ratio11.58 13.26 6.00 8.00 
Total capital ratio14.16 14.52 8.00 10.00 

The following table provides a reconciliation of the amounts included in the table above for the Company.
(Dollars in thousands)
Standardized Approach(1)
March 31, 2022
Total stockholders' equity$763,406 
Adjustments:
LESS: Goodwill, net of associated deferred tax liabilities299,983 
LESS: Certain other intangible assets30,007 
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards13,404 
LESS: Net unrealized gains (losses) on available for sale securities(69,838)
LESS: Noncontrolling interest322 
ADD: Adoption of Accounting Standards Update 2016-1313,387 
Common Equity Tier 1(1)
502,915 
Long-term borrowings and other instruments qualifying as Tier 113,661 
Tier 1 minority interest not included in common equity Tier 1 capital208 
Total Tier 1 capital516,784 
Allowance for credit losses56,051 
Subordinated debentures (net of issuance costs)59,256 
Total capital$632,091 
(1) Capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015. Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum common equity tier 1 capital ratio; those changes were fully phased in through the end of 2021.


47
The following table provides a reconciliation of tangible common equity and tangible common equity excluding AOCI, each of which is used in calculating tangible book value data, to total stockholders' equity. Each of tangible common equity and tangible common equity excluding AOCI is a non-GAAP financial measure that is commonly used within the banking industry.

(Dollars in thousands)At March 31, 2022
Total stockholders' equity$763,406 
LESS: Goodwill309,505 
LESS: Intangible assets29,290 
Tangible common equity424,611 
LESS: AOCI(69,374)
Tangible common equity excluding AOCI$493,985 

Since January 1, 2016, the Company and the Bank have been required to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of Common Equity Tier 1 capital, and it applies to each of the three risk-based capital ratios but not the leverage ratio. The required Common Equity Tier 1 risk-based, Tier 1 risk-based and total risk-based capital ratios with the buffer are currently 7.0%, 8.5% and 10.5%, respectively.

Based on current and expected continued profitability and subject to continued access to capital markets, we believe that the Company and the Bank will continue to meet the capital conservation buffer of 2.5% in addition to required minimum capital ratios.

CONTRACTUAL OBLIGATIONS

See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Contractual Obligations" in the Company’s Annual Report on Form 10-K for its fiscal year ended September 30, 2021 for a summary of our contractual obligations as of September 30, 2021. There were no material changes outside the ordinary course of our business in contractual obligations from September 30, 2021 through March 31, 2022.

OFF-BALANCE SHEET FINANCING ARRANGEMENTS

See Note 19. Commitments and Contingencies in "Item 8. Financial Statements and Supplementary Data" in the Company's Annual Report on Form 10-K for its fiscal year ended September 30, 2021 for discussion of the Company’s off-balance sheet financing arrangements as of September 30, 2021. There were no material changes from September 30, 2021 through March 31, 2022.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

MARKET RISK

The Company derives a portion of its income from the excess of interest collected over interest paid. The rates of interest the Company earns on assets and pays on liabilities generally are established contractually for a period of time. Market interest rates change over time. Accordingly, the Company’s results of operations, like those of most financial institutions, are impacted by changes in interest rates and the interest rate sensitivity of its assets and liabilities. The risk associated with changes in interest rates and the Company’s ability to adapt to these changes is known as interest rate risk and is the Company’s only significant “market” risk.

The Company monitors and measures its exposure to changes in interest rates in order to comply with applicable government regulations and risk policies established by the Board of Directors, and in order to preserve stockholder value. In monitoring interest rate risk, the Company analyzes assets and liabilities based on characteristics including size, coupon rate, repricing frequency, maturity date and likelihood of prepayment.


48
The Company’s primary objective for its investment portfolio is to provide a source of liquidity for the Company. In addition, the investment portfolio may be used in the management of the Company’s interest rate risk profile. The investment policy generally calls for funds to be invested among various categories of security types and maturities based upon the Company’s need for liquidity, desire to achieve a proper balance between minimizing risk while maximizing yield, the need to provide collateral for borrowings, and the need to fulfill the Company’s asset/liability management goals.

The Company believes that its growing portfolio of longer duration, low-cost deposits generated from its payments division provides a stable and profitable funding vehicle, but also subjects the Company to greater risk in a falling interest rate environment than it would otherwise have without this portfolio. This risk is due to the fact that, while asset yields may decrease in a falling interest rate environment, the Company cannot significantly reduce interest costs associated with these deposits, which thereby compress the Company’s net interest margin.

The Board of Directors and relevant government regulations establish limits on the level of acceptable interest rate risk at the Company, to which management adheres. There can be no assurance, however, that, in the event of an adverse change in interest rates, the Company’s efforts to limit interest rate risk will be successful.

Interest Rate Risk (“IRR”)

Overview. The Company actively manages interest rate risk, as changes in market interest rates can have a significant impact on reported earnings. The Company's interest rate risk analysis is designed to compare income and economic valuation simulations in market scenarios designed to alter the direction, magnitude and speed of interest rate changes, as well as the slope of the yield curve. The Company does not currently engage in trading activities to control interest rate risk although it may do so in the future, if deemed necessary, to help manage interest rate risk.

Earnings at risk and economic value analysis. As a continuing part of its financial strategy, the Bank considers methods of managing an asset/liability mismatch consistent with maintaining acceptable levels of net interest income. In order to monitor interest rate risk, the Board of Directors has created an Asset/Liability Committee whose principal responsibilities are to assess the Bank’s asset/liability mix and implement strategies that will enhance income while managing the Bank’s vulnerability to changes in interest rates.

The Company uses two approaches to model interest rate risk: Earnings at Risk (“EAR analysis”) and Economic Value of Equity (“EVE analysis”). Under EAR analysis, net interest income is calculated for each interest rate scenario and compared to the net interest income forecast in the base case. EAR analysis measures the sensitivity of interest-sensitive earnings over a one-year minimum time horizon. The results are affected by projected rates, prepayments, caps and floors. Management exercises its best judgment in making assumptions regarding events that management can influence, such as non-contractual deposit re-pricing, as well as events outside of management's control, such as customer behavior on loan and deposit activity and the effect that competition has on both lending and deposit pricing. These assumptions are subjective and, as a result, net interest income simulation results will differ from actual results due to the timing, magnitude, and frequency of interest rate changes, changes in market conditions, customer behavior and management strategies, among other factors. The Company performs various sensitivity analyses on assumptions of deposit attrition, loan prepayments, and asset re-pricing, as well as market-implied forward rates and various likely and extreme interest rate scenarios, including rapid and gradual interest rate ramps, rate shocks and yield curve twists.

49
The EAR analysis used in the following table reflects the required analysis used no less than quarterly by management. It models basis point parallel shifts in market interest rates over the next one-year period. The following table shows the results of the scenarios as of March 31, 2022:
Net Sensitive Earnings at Risk
 Change in Interest Income/Expense
for a given change in interest rates
Over/(Under) Base Case Parallel Shift
(Dollars in Thousands)Book Value-100Base+100+200+300+400
Total interest-sensitive income6,083,850 272,723 288,211 312,327 337,448 363,183 388,990 
Total interest-sensitive expense223,241 229 500 1,313 2,137 2,982 3,857 
Net interest-sensitive income272,494 287,711 311,014 335,311 360,201 385,133 
Percentage change from base-5.3 %— %8.1 %16.5 %25.2 %33.9 %

The EAR analysis reported at March 31, 2022, shows that Total Interest Sensitive Income will change more rapidly than Total Interest Sensitive Expense over the next year. IRR is a snapshot in time. The Company’s business and deposits are predictably cyclical on a weekly, monthly and yearly basis. The Company’s static IRR results could vary depending on which day of the week the month ends, primarily related to payroll processing and timing of when certain programs are prefunded and when the funds are received.
Under EVE analysis, the economic value of financial assets, liabilities and off-balance sheet instruments is derived under each rate scenario. The economic value of equity is calculated as the difference between the estimated market value of assets and liabilities, net of the impact of off-balance sheet instruments.
The EVE analysis used in the following table reflects the required analysis used no less than quarterly by management. It models immediate basis point parallel shifts in market interest rates. The following table shows the results of the scenarios as March 31, 2022:
Economic Value Sensitivity
Standard (Parallel Shift)
 Economic Value of Equity at Risk %
 -100+100+200+300+400
Percentage change from base-7.4 %5.8 %10.5 %14.4 %18.5 %

The EVE at risk reported at March 31, 2022 shows that the economic value of equity position is expected to benefit from rising interest rates due to the large amount of noninterest-bearing funding.

Item 4.    Controls and Procedures.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Management, under the direction of its Chief Executive Officer and Chief Financial Officer, is responsible for maintaining disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "1934 Act")) that are designed to ensure that information required to be disclosed in reports filed or submitted under the 1934 Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Company's Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
 
In connection with the preparation of this Quarterly Report on Form 10-Q, management evaluated the Company's disclosure controls and procedures. The evaluation was performed under the direction of the Company's Chief Executive Officer and Chief Financial Officer to determine the effectiveness, as of March 31, 2022, of the design and operation of the Company's disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, at March 31, 2022, the Company’s disclosure controls and procedures were effective in timely alerting them to material information relating to the Company required to be included in the Company's periodic SEC filings.
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In the fiscal fourth quarter of 2021, the Company identified a material weakness in the control environment of the Crestmark Leasing division related to segregation of duties over lease disbursements. More specifically, users were identified who had the ability to both initiate and approve lease disbursements subsequent to the implementation of a new leasing system in May 2021 and there was not a monitoring control in place to ensure segregation of those duties. Additionally, the user entitlement review control, specific to this application, was determined to be not effective as it did not identify this segregation of duties issue. Management determined the deficiencies represent a material weakness in internal controls over financial reporting on the basis that the deficiencies could result in a misstatement potentially impacting the Company's financial statement accounts and disclosures that would not be prevented or detected on a timely basis.

REMEDIATION PLAN FOR REPORTED MATERIAL WEAKNESS

Management performed testing of leasing related disbursements during the impacted period and did not identify any instances where the segregation of the disbursement initiation and approval duties was not maintained. The Company has implemented a remediation plan to address the material weakness described above with respect to the internal control environment of the Crestmark Leasing division and is committed to maintaining a strong internal controls environment. To address the material weakness, the Company implemented automated controls to ensure segregation of duties is maintained for disbursements performed within the leasing system and reperformed inspection of access rights within the Leasing Division system. These immediate remediation steps were completed by October 15, 2021, and management is evaluating implementation of additional enhancements to the Leasing division system control environment.

INHERENT LIMITATIONS ON THE EFFECTIVENESS OF CONTROLS

Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in a cost-effective control system, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

Management conducted an evaluation of the Company’s internal control over financial reporting to determine whether any changes occurred during the three months ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting. Based on this evaluation, management concluded that, as of the end of the period covered by this report, there were no changes in the Company’s internal controls over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the 1934 Act) during the fiscal second quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.


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META FINANCIAL GROUP, INC.
PART II - OTHER INFORMATION

FORM 10-Q

Item 1. Legal Proceedings

There are no material pending legal proceedings to which we are a party or to which any of our properties are subject. There are no material proceedings known to us to be contemplated by any governmental authority. From time to time, we are involved in a variety of litigation matters in the ordinary course of our business and anticipate that we will become involved in new litigation matters in the future.

Item 1A. Risk Factors

A description of our risk factors can be found in "Item 1A. Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. There were no material changes to those risk factors during the six months ended March 31, 2022, except that the following risk factor is hereby added:

We are planning to rebrand and the rebranding strategy may not produce the benefits expected, may involve substantial costs and may not be favorably received by our customers.

To reflect the evolution and growth of our business, including our corporate mission of financial inclusion for all®, we are planning to rebrand, with the Company changing its name to Pathward Financial, Inc. and the Bank changing to Pathward, N.A. As previously announced, in connection with the sale of our rights to our current trade names and marks including METABANK and META FINANCIAL GROUP for $60 million, we have agreed to phase out and cease all use of the META marks and names, and change our corporate names by December 7, 2022. Accordingly, the full transition to Pathward is expected by the end of this calendar year, including the launch of a new brand identity and website.

Developing and maintaining awareness and integrity of our brand are important to achieving widespread acceptance of our existing and future product and service offerings and attracting new customers. Successful promotion of our rebranding will depend on the effectiveness of our marketing efforts and on our ability to provide reliable and useful banking solutions. We plan to invest resources to promote our new brand, but we cannot predict how such marketing efforts will be received and there is no guarantee that we will be able to achieve or maintain brand recognition or status under our new names and marks that is comparable to the recognition and status we previously enjoyed. If our rebranding strategy does not produce the benefits expected, it could adversely affect our ability to retain and attract customers, and may have a negative impact on our operations, business, financial results and financial condition.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) None.

(b) None.

(c) Issuer Purchases of Equity Securities.

The Company's Board of Directors authorized a 7,500,000 share repurchase program on November 20, 2019 that was publicly announced on November 20, 2019 and is scheduled to expire on December 31, 2022. All remaining shares available for repurchase under this program were repurchased during the fiscal 2022 first quarter. On September 3, 2021, the Company's Board of Directors authorized an additional 6,000,000 share repurchase program that was publicly announced on September 7, 2021 and is scheduled to expire on September 30, 2024. The table below sets forth information regarding repurchases of our common stock during the fiscal 2022 second quarter.

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Period
Total Number of Shares Repurchased(1)
Average Price Paid per Share(1)(2)
Total Number Of Shares Purchased As Part of Publicly Announced Plans or ProgramsMaximum Number Of Shares that may yet be Purchased Under the Plans or Programs
January 1 to 31200,231 $59.91 200,000 5,404,375 
February 1 to 28284,833 57.66 281,700 5,122,675 
March 1 to 31254,498 54.60 254,498 4,868,177 
Total739,562 736,198 
(1) All shares not purchased as part of the Company's publicly announced repurchase program were acquired in satisfaction of the tax withholding obligations of holders of restricted stock unit awards, which vested during the quarter.
(2) The average price paid per share is calculated on a trade date basis for all open market transactions and excludes commissions and other transaction expenses.

Item 6. Exhibits.
Exhibit
Number		Description
Form of Restricted Stock Agreement - Non-Employee Directors Annual Equity Award.
Form of Restricted Stock Agreement - Non-Employee Directors Award in Lieu of Cash Retainer.
Amendment 3 to the 2002 Omnibus Incentive Plan, as amended.
Section 302 certification of Chief Executive Officer.
Section 302 certification of Chief Financial Officer.
Section 906 certification of Chief Executive Officer.
Section 906 certification of Chief Financial Officer.
101The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 formatted in Inline Extensible Business Reporting Language (iXBRL) includes: (i) Cover Page, (ii) Condensed Consolidated Statements of Financial Condition, (iii) Condensed Consolidated Statements of Operations, (iv) Condensed Consolidated Statements of Comprehensive Income, (v) Condensed Consolidated Statements of Changes in Stockholders' Equity, (vi) Condensed Consolidated Statements of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements, tagged in summary and in detail.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Management contract or compensatory plan or agreement.



53
META FINANCIAL GROUP, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
META FINANCIAL GROUP, INC.
   
Date: May 9, 2022
By:
/s/ Brett L. Pharr
  
Brett L. Pharr,
  
Chief Executive Officer and Director
   
Date: May 9, 2022
By:
/s/ Glen W. Herrick
  
Glen W. Herrick,
  
Executive Vice President and Chief Financial Officer

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