Meta Financial Group (CASH) has reported a 69.34 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $1.24 million, or $0.14 a share in the quarter, compared with $4.06 million, or $0.49 a share for the same period last year. Revenue during the quarter grew 14.09 percent to $38.34 million from $33.60 million in the previous year period. Net interest income for the quarter rose 12.98 percent over the prior year period to $19.83 million. Non-interest income for the quarter rose 14.94 percent over the last year period to $19.35 million.
Meta Financial Group has made provision of $0.84 million for loan losses during the quarter, up 7.25 percent from $0.79 million in the same period last year.
Net interest margin contracted 31 basis points to 2.90 percent in the quarter from 3.21 percent in the last year period.
"We are excited that we closed two separate FinTech acquisitions during the first quarter of fiscal 2017" said chairman and chief executive officer J. Tyler Haahr. "In early November, we acquired EPS Financial and have already seen positive effects from this transaction. Then in mid-December, we closed the acquisition with SCS. We welcome EPS President Clark Gill and the entire EPS team along with SCS CEO Brent Turner and the SCS team to the Meta family. We believe that these transactions solidify Meta as a leader in the tax payments industry."
Liabilities outpace assets growth Total assets stood at $4,213.33 million as on Dec. 31, 2016, up 42.33 percent compared with $2,960.23 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,841.54 million as on Dec. 31, 2016, up 43.84 percent from $2,670.66 million on Dec. 31, 2015.
Loans outpace deposit growth Net loans stood at $1,107.07 million as on Dec. 31, 2016, up 50.19 percent compared with $737.13 million on Dec. 31, 2015. Deposits stood at $3,663.14 million as on Dec. 31, 2016, up 42.59 percent compared with $2,569.04 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $2,473.28 million or 67.52 percent of total deposits on Dec. 31, 2016, compared with $2,360.40 million or 91.88 percent of total deposits on Dec. 31, 2015.
Investments stood at $2076.74 million as on Dec. 31, 2016, up 18.58 percent or $325.47 million from year-ago. Shareholders equity stood at $371.79 million as on Dec. 31, 2016, up 28.39 percent or $82.21 million from year-ago.
Return on average assets moved down 46 basis points to 0.14 percent in the quarter from 0.60 percent in the last year period. At the same time, return on average equity decreased 450 basis points to 1.41 percent in the quarter from 5.91 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.05 percent in the quarter, down from 0.22 percent in the last year period.
Book value per share was $39.96 for the quarter, up 17.18 percent or $5.86 compared to $34.10 for the same period last year.
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