Meta reports record annual earnings
From staff reports
Sioux Falls-based Meta Financial Group Inc. reported a record fiscal year, thanks to gains in all areas of the company.
Net income for the year that ended Sept. 30 increased 35 percent to $44.9 million, or $4.83 per share, compared with $33.2 million, or $3.91 per share, a year ago.
That’s despite a drop in net income in the fourth quarter to $1.7 million, or 19 cents per share, compared with $6 million, or 70 cents per share, in the prior year. The fourth quarter pre-tax results include a $10.2 million intangible impairment charge relating to the nonrenewal of an H&R Block tax-advance relationship, $2.3 million in noncash, stock-related compensation and other one-time expenses.
“Meta achieved many new and exceptional accomplishments in 2017,” said chairman and CEO Tyler Haahr, adding they included “seamlessly integrating EPS Financial and SCS, both acquired during the first quarter, into our fintech business model, while continuing to profitably grow our core businesses.”
Meta’s loan portfolio grew by 43 percent in fiscal 2017, and noninterest income as a percentage of total revenue grew from 57 percent to 65 percent.
The company is staffing for more growth in fiscal 2018. The plan is to add about 80 people, not including potential acquisitions, which would bring Meta to 800 employees companywide. Most of them are based in Sioux Falls.
