Meta reports 37 percent earnings increase

Jan. 31, 2020

Sioux Falls-based Meta Financial Group Inc. reported a 37 percent increase in net income for the first quarter of its 2020 fiscal year.

Earnings were $21.1 million, or 56 cents per share, compared with $15.4 million, or 39 cents per share, for the previous year.

“Our ongoing efforts to enhance our earning asset mix and increasingly leverage our core deposit base continue to drive strong earnings growth — as evidenced by the 37 percent increase in earnings for the first quarter of fiscal 2020 compared to the same period last year,” president and CEO Brad Hanson said.

Total revenue for the first quarter was $102.1 million, compared to $98.0 million for the same quarter in fiscal 2019, representing a 4 percent increase.

During the quarter, the company also announced an agreement to sell its community bank division to Iowa-based Central Bank, which will close this quarter.

“This transaction allows us to sharpen our focus on our national lending platforms, growing our deposits within our payments divisions and continued improvement of our operating efficiencies,” Hanson said.

“At Meta, we are fortunate to have talented employees and business partners who revel in opportunities to provide socially beneficial financial products and services to businesses and consumers who are often overlooked by traditional banks, while generating real value for our shareholders.”

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Meta reports 37 percent earnings increase

Sioux Falls-based Meta Financial Group Inc. reported a 37 percent increase in net income for the first quarter of its 2020 fiscal year.

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