MetaBank quarterly profits increased 13 percent
Meta Financial Group Inc., parent of MetaBank, reported net income of $4.1 million in the first quarter of its 2016 fiscal year, a 13 percent increase from the same quarter last year, according to a release.
Excluding $1.4 million of acquisition-related expenses, fiscal 2016 first quarter after-tax earnings would have been $5 million, including $1.6 million of pre-tax operating losses for the company’s newly acquired Refund Advantage business. Total loans increased $30.8 million, or 4 percent, to $737.1 million at the end of the first quarter on Dec. 31. Average assets grew 27 percent to $2.69 billion at the end of the quarter.
Meta Financial issued $11.7 million of common stock in December to help support additional expected growth opportunities and costs associated with its new payment solution providers, according to a release. The company said it does not expect any additional capital raises in the immediate future. MetaBank, based in Sioux Falls, S.D., has four branches in Greater Des Moines.