Meta reports record annual earnings

Oct. 28, 2019

Sioux Falls-based Meta Financial Group reported its best fiscal year yet.

Net income for the year was $97 million, or $2.49 per share, compared with $51.6 million, or $1.67 million, one year ago.

“Earnings for the full fiscal year nearly doubled year-over-year and more than doubled in the fiscal fourth quarter compared to the same period last year. This is reflective of the earnings power of the company following our merger with Crestmark,” said president and CEO Brad Hanson.

Meta acquired Michigan-based Crestmark in 2018, strengthening its national commercial and industrial lending platform.

The company’s solid earnings growth also was reflected in its fourth-quarter results. Net income was $20.2 million, or 53 cents per share, a 132 percent increase from $8.7 million, or 24 cents per share, in the same period a year ago.

Net interest income for the fourth quarter was $65.6 million, an increase of 35 percent from the same quarter in 2018. The increase was driven primarily by growth in loans and leases, largely attributable to the company’s commercial, consumer and warehouse finance portfolios.

“Looking ahead, we remain focused on delivering against the key initiatives we have outlined with the goal of driving long-term value to shareholders,” Hanson said. “Finally, we continued to return excess capital to shareholders via quarterly dividends and ongoing share repurchases and plan to maintain flexibility as we continue to optimize our capital structure.”

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Meta reports record annual earnings

Sioux Falls-based Meta Financial Group reported its best fiscal year yet.

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