Meta Financial Group, Inc.® (Nasdaq:CASH) (the “Company”) announced
today preliminary 2017 tax season results at its bank subsidiary,
MetaBank®. From December 12, 2016 through February 28, 2017,
MetaBank originated approximately $1.26 billion in interest-free
tax advance loans across its multiple tax partners, of which
approximately $686 million were sold to its various bank partners
and $576 million were retained. During the 2016 tax season,
MetaBank originated less than $100 million of interest-free tax
advance loans. The Company also expects to process over 2.4 million
refund transfers through its EPS Financial (“EPS”) and Refund
Advantage (“RA”) divisions. MetaBank processed just over 1 million
refund transfers in 2016 at its RA division.
“The 2017 tax season has been very exciting and we would like to
highlight some of our many successes,” said Chairman and CEO J.
Tyler Haahr. “While it was difficult to forecast loan volumes for
this tax season, and some partners fell below and some above our
forecasts, we were very pleased with the processing efficiency and
effectiveness. In addition to our record breaking tax loan volumes,
MetaBank was able to successfully integrate Specialty Consumer
Services (“SCS”) and EPS into our existing business model and both
are on track to meet our expectations. With the acquisition of SCS
and their credit underwriting platform, we expect to be able to
lower our loss rates across all of our channels relative to what we
experienced last year. The infrastructure that we built performed
extremely well this tax season and we believe MetaBank is well
positioned to originate significantly more volume in the
future.”
This press release and other important information about the
Company are available at metafinancialgroup.com.
Forward-Looking Safe Harbor Statement
The Company and MetaBank (the “Bank”) may from time to time make
written or oral “forward-looking statements,” including statements
contained in this press release, the Company’s filings with the
Securities and Exchange Commission (“SEC”), the Company’s reports
to stockholders, and in other communications by the Company and the
Bank, which are made in good faith by the Company pursuant to the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995.
You can identify forward-looking statements by words such as
“may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “could,” “future,” or the negative of those terms, or
other words of similar meaning or similar expressions. You should
carefully read statements that contain these words because they
discuss our future expectations or state other “forward-looking”
information. These forward-looking statements are based on
information currently available to us and assumptions about future
events, and include statements with respect to the Company’s
beliefs, expectations, estimates, and intentions, which are subject
to significant risks and uncertainties, and are subject to change
based on various factors, some of which are beyond the Company’s
control. Such risks, uncertainties and other factors may cause our
actual growth, results of operations, financial condition, cash
flows, performance and business prospects and opportunities to
differ materially from those expressed in, or implied by, these
forward-looking statements. Such statements address, among others,
the following subjects: the potential benefits of the acquisitions
of assets from SCS and EPS, including, but not limited to, whether
such acquisitions may increase the Company's growth; future
operating results; customer retention; loan and other product
demand; important components of the Company's statements of
financial condition and operations; growth and expansion; new
products and services, such as those offered by the Bank or Meta
Payment Systems ("MPS"), a division of the Bank; credit quality and
adequacy of reserves; technology; and the Company's employees. The
following factors, among others, could cause the Company's
financial performance and results of operations to differ
materially from the expectations, estimates, and intentions
expressed in such forward-looking statements: the risk that sales
of EPS and SCS products by the Bank may not be as high as
anticipated; the risk that the expected growth opportunities or
cost savings from the EPS and SCS acquisitions may not be fully
realized or may take longer to realize than expected, that customer
losses and business disruption following the EPS and SCS
acquisitions, including adverse effects on relationships with
former or current employees of EPS and SCS, may be greater than
expected; the risk that the Company may incur unanticipated or
unknown losses or liabilities in connection with the EPS and SCS
acquisitions; the risk that loan production levels and other
anticipated benefits related to the recent agreements signed with
H&R Block and Jackson Hewitt may not be as much as anticipated,
and that the Company may incur unanticipated or unknown risks,
losses or liabilities in connection with such transactions;
maintaining our executive management team; the strength of the
United States' economy, in general, and the strength of the local
economies in which the Company conducts operations; the effects of,
and changes in, trade, monetary, and fiscal policies and laws,
including interest rate policies of the Board of Governors of the
Federal Reserve System (the “Federal Reserve”), as well as efforts
of the United States Treasury in conjunction with bank regulatory
agencies to stimulate the economy and protect the financial system;
inflation, interest rate, market, and monetary fluctuations; the
timely development of, and acceptance of new products and services
offered by the Company, as well as risks (including reputational
and litigation) attendant thereto, and the perceived overall value
of these products and services by users; the risks of dealing with
or utilizing third parties; any actions which may be initiated by
our regulators in the future; the impact of changes in financial
services laws and regulations, including, but not limited to, laws
and regulations relating to the tax refund industry and the
insurance premium finance industry, our relationship with our
primary regulators, the Office of the Comptroller of the Currency
(“OCC”) and the Federal Reserve, as well as the Federal Deposit
Insurance Corporation (“FDIC”), which insures the Bank’s deposit
accounts up to applicable limits; technological changes, including,
but not limited to, the protection of electronic files or
databases; acquisitions; litigation risk, in general, including,
but not limited to, those risks involving the Bank's divisions; the
growth of the Company’s business, as well as expenses related
thereto; continued maintenance by the Bank of its status as a
well-capitalized institution, particularly in light of our growing
deposit base, a substantial portion of which has been characterized
as “brokered”; changes in consumer spending and saving habits; and
the success of the Company at maintaining its high quality asset
level and managing and collecting assets of borrowers in default
should problem assets increase.
The foregoing list of factors is not exclusive. We caution you
not to place undue reliance on these forward-looking statements.
The forward-looking statements included in this press release speak
only as of the date hereof. Additional discussions of factors
affecting the Company’s business and prospects are reflected under
the caption “Risk Factors” and in other sections of the Company’s
Annual Report on Form 10-K for the Company’s fiscal year ended
September 30, 2016, and in other filings made with the SEC. The
Company expressly disclaims any intent or obligation to update any
forward-looking statements, whether written or oral, that may be
made from time to time by or on behalf of the Company or its
subsidiaries, whether as a result of new information, changed
circumstances or future events or for any other reason.
About Meta Financial GroupMeta Financial Group,
Inc. ("MFG") is the holding company for MetaBank®, a federally
chartered savings bank. MFG shares are traded on the NASDAQ Global
Select Market® under the symbol CASH. Headquartered in Sioux Falls,
SD, MetaBank operates in both the Banking and Payments industries
through: MetaBank, its traditional retail banking operation; Meta
Payment Systems, its electronic payments division; AFS/IBEX, its
insurance premium financing division; and Refund Advantage, EPS and
SCS, its tax-related financial solutions divisions.
Media Contact:
Katie LeBrun
Corporate Communications Director
605.362.5140
klebrun@metabank.com
Investor Relations Contact:
Brittany Kelley Elsasser
Investor Relations
605.362.2423
bkelley@metabank.com
Pathward Financial (NASDAQ:CASH)
Historical Stock Chart
From Apr 2024 to May 2024
Pathward Financial (NASDAQ:CASH)
Historical Stock Chart
From May 2023 to May 2024