Business
Meta Financial Group, Inc.® Announces Results for 2021 Fiscal First Quarter
- Earnings Per Share Increased 50% Year-over-Year to $0.84 - Efficiency Ratio Improved 9% from Prior Year SIOUX FALLS, S.D., Jan. 27, 2021 (GLOBE NEWSWIRE) --
About this update from Pathward Financial, Inc.
[{"type":"text","content":"- Earnings Per Share Increased 50% Year-over-Year to $0.84 - Efficiency Ratio Improved 9% from Prior Year SIOUX FALLS, S.D., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Meta Financial Group, Inc.® (Nasdaq: CASH) (“Meta” or the “Company”) reported net income of $28.0 million, or $0.84 per share, for the three months ended December 31, 2020, compared to net income of $21.1 million, or $0.56 per share, for the three months ended December 31, 2019. “Solid revenues, lower expenses, and better efficiency ratios combined to deliver excellent results in the first quarter of fiscal year 2021. I am extremely proud of my team's ability to persevere during the pandemic, delivering significant value to customers and shareholders from a remote working environment,\" said President and CEO Brad Hanson. \"During the quarter, we spent time getting ready for the upcoming tax season, implementing H&R Block, and preparing for the distribution of the second round of Economic Impact Payments while advancing our long-standing mission of Financial Inclusion for All®, with increased resources and prioritization of Environmental, Social and Governance initiatives.\" \"Our quarterly results demonstrate ongoing progress in optimizing our business platforms, enabling us to improve our efficiency ratio by over 600 basis points compared with the prior year. Our loan portfolios continue to perform well, as our credit metrics demonstrate the Company's ability to weather the worst of the pandemic, leaving us well-positioned to continue to remix our balance sheet with higher yield and return earning assets,\" said Executive Vice President and CFO Glen Herrick. Business Development Highlights for the 2021 Fiscal First Quarter Began our new three-year program with Emerald Financial Services, LLC, a wholly-owned indirect subsidiary of H&R Block, Inc., which we announced in the fourth quarter of fiscal 2020. Have already moved more than $150 million in deposits and began issuing Emerald Prepaid Mastercard® to applicants.Completed negotiations with the U.S. Department of the Treasury's Bureau of the Fiscal Service (\"Fiscal Service\") to disperse a second round of Economic Income Payment (\"EIP\") stimulus payments through the distribution of prepaid cards. The Company began distributing cards under this authorization January 4, 2021.Expanded our solar lending business, increas...