Meta reports slight earnings increase

April 26, 2019

Sioux Falls-based Meta Financial Group has reported a slight uptick in year-over-year earnings with a big jump in revenue.

Net income for the quarter that ended March 31 was $32.1 million, or 81 cents per share, compared with $31.4 million, or $1.08 per share one year ago.

Total revenue was $176.4 million, compared with $124.8 million for the same time one year ago, representing a 41 percent increase.

“We expanded net interest margin again this quarter as we were able to enhance our interest-earning asset mix, reflecting ongoing growth in noninterest-bearing deposits, while replacing lower yielding investment portfolio balances with higher yielding loans and leases during the second quarter of fiscal 2019, driving a sizable increase in net interest income,” said president and CEO Brad Hanson.

“We also delivered another successful tax season and made progress on our key strategic initiatives, which positions us well to continue to drive growth across our core businesses.”

Net interest income for the second quarter was $71.4 million, an increase of $44 million, or 160 percent, compared to the same quarter in fiscal 2018.  The increase was primarily related to growth in loan and lease balances, continued expansion in net interest margin and an increase in tax services interest income of $7.4 million, mostly with the launch of an interest-bearing refund advance product.

Meta reports slight earnings increase

Sioux Falls-based Meta Financial Group has reported a slight uptick in year-over-year earnings with a big jump in revenue.

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