AABP EP Awards 728x90

MetaBank quarterly profits increased 13 percent

/wp-content/uploads/2022/11/BR_web_311x311.jpeg
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.
 

oakridge web 040125 300x250