Business
Meta Financial Group, Inc.® Announces Results For Fiscal Year 2020
- 2020 Fiscal Fourth Quarter Net Income of $13.2 Million, or $0.38 Per Diluted Share - - Fiscal 2020 Net Income of $104.7 Million, or $2.94 Per Diluted Share
About this update from Pathward Financial, Inc.
[{"type":"text","content":"- 2020 Fiscal Fourth Quarter Net Income of $13.2 Million, or $0.38 Per Diluted Share -\n - Fiscal 2020 Net Income of $104.7 Million, or $2.94 Per Diluted Share - - Fiscal 2020 Earnings Per Share up 18% Versus Fiscal 2019 - SIOUX FALLS, S.D., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Meta Financial Group, Inc.® (Nasdaq: CASH) (“Meta” or the “Company”) reported net income of $13.2 million, or $0.38 per diluted share, for the three months ended September 30, 2020, compared to net income of $20.2 million, or $0.53 per diluted share, for the three months ended September 30, 2019. The Company reported record net income of $104.7 million, or $2.94 per diluted share, for the fiscal year ended September 30, 2020, compared to net income of $97.0 million, or $2.49 per diluted share, for the fiscal year ended September 30, 2019. “I am extremely proud of our team for executing on our plan and our ability to deliver strong financial results and value to shareholders despite numerous challenges we faced during fiscal 2020,” said President and CEO Brad Hanson. “We will continue to be diligent in monitoring credit, managing excess capital, and focusing on our long-term strategic plan in order to better serve our customers and shareholders.\" Business Developments The Company resumed its share repurchase program (\"Program\"), which it had suspended during March 2020 as a result of the uncertainty related to the COVID-19 pandemic. During the quarter ended September 30, 2020, the Company repurchased 260,816 shares, at an average price of $19.13, under its Program, which is authorized through December 31, 2022. Through October 23, 2020, the Company has repurchased a total of 898,416 of its shares, at a weighted average price of $21.80, since the Company resumed repurchasing shares under the Program in September 2020.On August 5, 2020, MetaBank, N.A., a wholly-owned subsidiary of the Company (\"MetaBank\" or the \"Bank\"), entered into a three-year program management agreement with Emerald Financial Services, LLC, a wholly owned indirect subsidiary of H&R Block, Inc., pursuant to which MetaBank will serve as a facilitator for H&R Block’s suite of financial services products, which include: Emerald Prepaid MasterCard®, Refund Transfers, Refund Advances, Emerald Advance® lines of credit, and other products through H&R Block’s distribution channels.The Company...