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EX - 99.1 2 cash12312020earningsreleas.htm EX - 99.1 Exhibit 99.1 Meta Financial Group META FINANCIAL GROUP , INC.Ⓡ ANNOUNCES RESULTS FOR 2021 FISCAL FIRST QUARTER - Earnings Per Share Increased 50 % Year - over - year to $ 0.84 - Efficiency Ratio Improved 9 % from Prior Year Sioux Falls , S.D. , January 27 , 2021 ( GLOBE NEWSWIRE ) -- Meta Financial Group , Inc.Ⓡ ( Nasdaq : CASH ) ( " Meta " or the " Company " ) reported net income of $ 28.0 million , or $ 0.84 per share , for the three months ended December 31 , 2020 , compared to net income of $ 21.1 million , or $ 0.56 per share , for the three months ended December 31 , 2019 . " Solid revenues , lower expenses , and better efficiency ratios combined to deliver excellent results in the first quarter of fiscal year 2021. I am extremely proud of my team's ability to persevere during the pandemic , delivering significant value to customers and shareholders from a remote working environment . " said President and CEO Brad Hanson . " During the quarter , we spent time getting ready for the upcoming tax season , implementing H & R Block , and preparing for the distribution of the second round of Economic Impact Payments while advancing our long - standing mission of Financial Inclusion for All® , with increased resources and prioritization of Environmental , Social and Governance initiatives . " " Our quarterly results demonstrate ongoing progress in optimizing our business platforms , enabling us to improve our efficiency ratio by over 600 basis points compared with the prior year . Our loan portfolios continue to perform well , as our credit metrics demonstrate the Company's ability to weather the worst of the pandemic , leaving us well - positioned to continue to remix our balance sheet with higher yield and return earning assets , " said Executive Vice President and CFO Glen Herrick . Business Development Highlights for the 2021 Fiscal First Quarter • Began our new three - year program with Emerald Financial Services , LLC , a wholly - owned indirect subsidiary of H & R Block , Inc. , which we announced in the fourth quarter of fiscal 2020. Have already moved more than $ 150 million in deposits and began issuing Emerald Prepaid Mastercard® to applicants . Completed negotiations with the U.S. Department of the Treasury's Bureau of the Fiscal Service ( " Fiscal Service " ) to disperse a second round of Economic Income Payment ( " EIP " ) stimulus payments through the distribution of prepaid cards . The Company began distributing cards under this authorization January 4 , 2021 . • Expanded our solar lending business , increasing our solar credit balance 29 % to $ 323.9 million . Increased resources dedicated to our Environmental , Social , and Governance ( " ESG " ) activities by hiring an experienced Vice President of ESG and Community Impact and forming a Board - level ESG committee to provide oversight . Financial Highlights for the 2021 Fiscal First Quarter • • Total revenue for the first quarter was $ 111.5 million , an increase of 9 % compared to $ 102.1 million for the same quarter in fiscal 2020 . Operating efficiency ratio improved to 62.2 % at December 31 , 2020 , compared to 68.2 % at December 31 , 2019. See non- GAAP reconciliation table below . Net interest income for the first quarter was $ 66.0 million , compared to $ 64.7 million in the comparable quarter last year .