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Jan. 31, 2018
Sioux Falls-based Meta Financial Group reported a big jump in earnings for its first quarter of the 2018 fiscal year, which ended Dec. 31, 2017.
Net income was $4.7 million, or 48 cents per share, compared with $1.2 million, or 14 cents per share, for the same time last year.
The quarterly results included an income tax expense of $3.6 million from a reduction in the value of certain deferred tax assets as a result of the Tax Cuts and Jobs Act. Pre-tax results included a $1 million loss on sale of investments and $1.3 million in acquisition expenses. The results also included $1.7 million in amortization of intangible assets and $1.3 million in noncash stock-related compensation associated with executive officer employment agreements
“Fiscal 2018 is off to a fast and exciting start,” said chairman and CEO Tyler Haahr, referring to a recent agreement to acquire Michigan-based Crestmark Bancorp.
“With this strategic acquisition, we continue to deliver on our goal of growth and innovation through diversification. This transaction will allow us to provide incremental value to our partners through new offerings.”
The addition is expected to moderate the seasonality of earnings tied to its tax-related business and provide opportunity to grow consumer-lending initiatives.
“Adding to our exciting announcement regarding our transaction with Crestmark, a new tax season is now underway, and we will be able to showcase improved products, new partners and enhanced synergies from our acquisitions of Refund Advantage, EPS and Specialty Consumer Services over the last few years,” Haahr said.
Total revenue for the first quarter was $55.5 million, compared with $39.2 million for the same quarter in fiscal 2017, an increase of $16.3 million, or 42 percent. This increase was primarily caused by growth in card fee income, interest income from commercial insurance premium finance and community banking loans, as well as the student loan purchases and growth in income from tax-exempt securities and tax product fees.
Today is forecast to be nearly the same temperature as yesterday. Late night thunderstorms tonight.
Saturday 08/18 0%
High 83° / Low 67°
A good deal of sunshine. High 83F. Winds SSE at 5 to 10 mph.
Sunday 08/19 90%
High 78° / Low 62°
Scattered thunderstorms in the morning, then mainly cloudy during the afternoon with thunderstorms likely. High 78F. Winds SE at 5 to 10 mph. Chance of rain 90%.
Monday 08/20 80%
High 70° / Low 55°
Chance of Rain
Cloudy with occasional light rain...mainly in the morning. High around 70F. Winds N at 10 to 20 mph. Chance of rain 80%.
Sioux Falls-based Meta Financial Group reported a big jump in earnings for its first quarter of the 2018 fiscal year.
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