Meta reports record earnings
Sioux Falls-based Meta Financial Group posted record earnings in its 2017 fiscal second quarter.
The company announced net income of $32.1 million, or $3.42 per share, compared with $14.37 million, or $1.67 per share, during the same time last year.
Total tax product fee income increased $42.5 million compared with the same time last year driven by recent acquisitions and new partner relationships.
“We are excited to announce that we more than doubled the previous high for quarterly earnings in Meta’s history,” said chairman and CEO Tyler Haahr.
“We are very pleased with how seamlessly the infrastructure performed as we integrated EPS Financial (“EPS”) and Specialty Consumer Services (“SCS”) into our business model. We are continuing to explore further ways to build on our already successful tax divisions and further leverage our distribution channels and believe we are well positioned to originate significantly more volume and increase profitability in the future.”
Meta also grew its loan portfolio 46 percent year-over-year, and card fee income increased 43 percent. Average assets grew to $4.41 billion compared with $3.08 billion in the second quarter of 2016.
“Additionally, we will continue to consider acquisition and other opportunities and will stay disciplined to help ensure that all transactions are strategic and add value to our company,” Haahr said.
