CASH 2018 Annual Report
6 The Company has recently focused its lending activities on the origination of commercial finance loans, commercial and multi-family real estate loans, one-to-four family mortgage loans, consumer finance loans and taxpayer advance loans. The Company also continues to originate traditional commercial operating loans, consumer loans and agricultural- related loans. The Company originatesmost of its community banking loans in its primary market areas. At September 30, 2018, the Company’s loans and leases receivable, net of allowance for loan and lease losses, totaled $2.93 billion, or 50% of the Company’s total assets, as compared to $1.32 billion, or 25%, at September 30, 2017. The Bank signed an agreement extension in August 2017 to originate taxpayer advance loans to customers of Jackson Hewitt Tax Service through the 2020 tax season. The Bank also purchased two separate student loan portfolios, one in fiscal year 2017 and one in the beginning of fiscal year 2018. Meta entered into agreements with third parties to originate a greater volume of consumer credit products on a broader national scale during the third quarter of fiscal year 2018. Through the Crestmark Acquisition, the Company engages in a national platform of commercial finance lending activities. Loan and lease applications are initially considered and approved at various levels of authority, depending on the type and amount of the loan or lease. The Company has a loan committee structure in place for oversight of its lending activities. Loans and leases in excess of certain amounts require approval by at least two members of the loan committee, a majority of the loan committee, or by the Company’s Board Loan Committee, which has responsibility for the overall supervision of the loan and lease portfolio. The Company may discontinue, adjust, or create new lending programs to respond to competitive factors. At September 30, 2018, the Company’s largest lending relationship to a single borrower or group of related borrowers totaled $65.0 million. The Company had 24 other lending relationships in excess of $10.3 million as of September 30, 2018. Loan and Lease Portfolio Composition The following table provides information about the composition of the Company’s loan and lease portfolio in dollar amounts and in percentages as of the dates indicated. In general, for the fiscal year ended September 30, 2018, the aggregate principal amounts in all categories of loans and leases discussed below, except agricultural loans, increased over levels from the prior fiscal year. Loan and lease tables have been conformed to be consistent with the Company's updated categorization of its lending portfolio between National Lending and Community Banking.
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