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EX - 99.1 2 cash3312021earningsrelease.htm EX - 99.1 Exhibit 99.1 Meta✪ Financial Group META FINANCIAL GROUP , INC.Ⓡ ANNOUNCES RESULTS FOR 2021 FISCAL SECOND QUARTER - Earnings Per Share Increased 27 % Year - over - year to $ 1.84 Sioux Falls , S.D. , April 27 , 2021 ( GLOBE NEWSWIRE ) -- Meta Financial Group , Inc.® ( Nasdaq : CASH ) ( “ Meta ” or the " Company " ) reported net income of $ 59.1 million , or $ 1.84 per share , for the three months ended March 31 , 2021 , compared to net income of $ 52.3 million , or $ 1.45 per share , for the three months ended March 31 , 2020 . " Our Tax Services and Payments businesses and the increased interest income from our Commercial Finance business combined to produce solid second quarter revenue results , " said President and CEO Brad Hanson . " We continued to develop our Banking as a Service franchise , including the launch of a new partnership with Walgreens . During the quarter , we distributed cards for the second and third rounds of Economic Impact Payments and further developed our Environmental , Social and Governance efforts , all of which helped advance our mission of financial inclusion for allⓇ . " " We are pleased with our team's ability to grow core revenues , improve efficiency , and manage credit . Excluding last year's gain - on - sale from the divestiture of our community bank , we have seen promising fee income growth driven by both new and existing partner relationships in our payments and tax businesses . Our loan and lease portfolios also continued to perform well , reflecting the strength of our lending and collateral management programs , " said Executive Vice President and CFO Glen Herrick . Business Development Highlights for the 2021 Fiscal Second Quarter • Increased revenue included the benefits of H & R Block's suite of financial services products . • • Partnered with the U.S. Department of the Treasury's Bureau of the Fiscal Service ( " Fiscal Service " ) to disburse Economic Income Payment ( " EIP " ) stimulus payments through the distribution of prepaid cards . During the quarter , the Company began distributing cards under the authorizations for the second round on January 4 , 2021 and for the third round on March 23 , 2021 . Selected as the issuing bank for Walgreens ' newly launched bank - account product with InComm Payments and MasterCard , adding to MetaBank's diverse suite of Banking as a Service relationships . Expanded our solar lending business , increasing our solar lending originations for the first six months of the fiscal year 2021 by 65 % to $ 58.5 million . Dedicated additional resources to our Environmental , Social , and Governance ( " ESG " ) activities to include the hiring of Chief People and Inclusion Officer , Kia Tang . Financial Highlights for the 2021 Fiscal Second Quarter Total revenue for the second quarter was $ 187.3 million , a slight decrease compared to $ 188.3 million for the same quarter in fiscal 2020 , which benefited from the one - time $ 19.3 million gain on sale from the divestiture of our former Community Bank division . Operating efficiency ratio was 63.1 % at March 31 , 2021 , compared to 62.9 % at March 31 , 2020 , which benefited from the aforementioned gain on sale of divestiture of the Community Bank division . See non - GAAP reconciliation table below . Net interest income for the second quarter was $ 73.9 million , compared to $ 67.7 million in the comparable quarter last year . Net interest margin ( " NIM " ) decreased to 3.07 % for the second quarter from 4.78 % during the same period of last year , chiefly reflecting excess cash associated with the Company's participation in the EIP program , as described further below . 1