Selling its name and trademarks to a company representing Facebook has left Sioux Falls-based Meta Financial Group Inc. with some large gains for the quarter.

The company reported net income of $61.3 million, or $2 per share, for the three months that ended Dec. 31, 2021. That compares to net income of $28 million, or 84 cents per share, for the same time the previous year.

Meta recognized the gain on the sale of its name and trademarks of $50 million. The total deal is $60 million. Excluding that gain, earnings would have been $23.9 million, or 78 cents per share.

“We made continued progress towards our three strategic initiatives, as reflected in our strong fiscal first quarter results,” CEO Brett Pharr said in a statement. “We generated growth in earnings per share while positioning the company for future growth through two significant strategic transactions during the first quarter.”

The decision to sell the Meta name and trademarks to Beige Key LLC, which is affiliated with Meta Platforms, formerly known as Facebook, followed a comprehensive brand strategy review earlier in 2021, Pharr said.

“This transaction provides significant funds, allowing us to advance a new corporate name and brand that represent our significant evolution and better enable us to fulfill our vision of ‘Financial Inclusion for All.’ ”

The new branding is expected to be done by the end of this year and cost between $15 million and $20 million. The company said the remainder will be used for general corporate purposes, including tax-efficient capital allocation.

“We are also pleased to have sold our remaining legacy community bank loans, completing the wind-down of that portfolio and marking another critical step in optimizing our interest-earning asset mix,” executive vice president and CFO Glen Herrick added.

“Coupled with our strong financial results, our momentum continues to build, giving us confidence in our positive outlook and growth trajectory.”

Meta sold all remaining $192.5 million of community banking loans, reducing this portfolio to zero and generating a favorable pre-tax impact of $3.9 million after netting the recovery of provision expense from the portfolio’s $12.3 million allowance and the loss on sale of loans of $8.4 million.

Total revenue for the first quarter was $158.2 million, an increase of $46.7 million, or 42 percent, compared to the same quarter in fiscal 2021, primarily driven by the gain on sale of the Meta names and trademarks.