Meta triples earnings to start fiscal year

Feb. 1, 2019

Sioux Falls-based Meta Financial Group is off and running for its 2019 fiscal year, more than tripling its earnings year-over-year.

Net income was $15.4 million, or 39 cents per share, in the fiscal first quarter, which ended Dec. 31, 2018. That compares with $4.7 million, or 16 cents per share, for the same time one year ago.

Total revenue increased 77 percent to $98 million, compared with $55.5 million a year ago.

“Due in large part to the success of our recent expansion in our national commercial finance portfolio, we drove a sizable increase in net interest income, helping us deliver strong growth in earnings for the first quarter of fiscal 2019,” president and CEO Brad Hanson said.

“In addition to our plans to accelerate growth in our core deposits, primarily in our non-interest bearing deposit portfolio, we expect to further enhance our interest-earning asset mix by continuing to grow our commercial finance portfolios and improve operating efficiencies to maximize long-term value for shareholders.”

Total gross loans and leases grew more than 100 percent to $3.33 billion year-over-year. Average non-interest-bearing deposits of $2.49 billion increased by $161.0 million, or 7 percent, when compared to the same period in fiscal 2018.

Meta triples earnings to start fiscal year

Meta Financial Group is off and running for its 2019 fiscal year, more than tripling its earnings year-over-year.

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