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EX - 99.1 2 cash6302021 earningsreleasea.htm EX - 99.1 Exhibit 99.1 Meta Financial Group META FINANCIAL GROUP , INC.Ⓡ ANNOUNCES RESULTS FOR 2021 FISCAL THIRD QUARTER Sioux Falls , S.D. , July 28 , 2021 ( GLOBE NEWSWIRE ) Meta Financial Group , Inc.® ( Nasdaq : CASH ) ( " Meta " or the " Company " ) reported net income of $ 38.7 million , or $ 1.21 per share , for the three months ended June 30 , 2021 , compared to net income of $ 18.2 million , or $ 0.53 per share , for the three months ended June 30 , 2020 . " MetaBank performed well during the third quarter , more than doubling earnings per share , as various timing items including tax season delays , additional card fee income from government stimulus programs , and reduced provision helped enhance performance year - over - year . Our results demonstrate how MetaBank's mission of financial inclusion for all® is creating value for all our stakeholders , including our customers , employees and shareholders , " said President and CEO Brad Hanson . Business Development Highlights for the 2021 Fiscal Third Quarter • • • Published our inaugural 2020 Environmental , Social and Governance ( " ESG " ) Report , building on the Company's vision , culture , and mission of financial inclusion for all® . The Company's 2020 ESG report can be downloaded at https://www.metafinancialgroup.com/environmental-social-governance . Launched the Company's Community Impact Program , focused on financial inclusion , personal and family financial empowerment , educational support , and disaster relief . Concentrating on these four areas positions MetaBank to encourage long - lasting positive impact in our communities . Expanded our renewable energy investment tax credit financing , originating $ 72.0 million for the first nine months of the fiscal year 2021 , resulting in $ 18.9 million in total net ITC . Entered into a new Banking as a Service ( " BaaS " ) partnership with Clair , a social impact embedded fintech startup . The Company will act as both the issuing bank and bank services provider , offering digital banking services for users of Clair . Financial Highlights for the 2021 Fiscal Third Quarter • • • Total revenue for the third quarter was $ 130.9 million , an increase of $ 27.7 million compared to $ 103.2 million for the same quarter in fiscal 2020 primarily driven by a timing shift of refund transfer product fees and additional payments card fee income from government stimulus programs . Operating efficiency ratio improved 185 basis points to 61.75 % at June 30 , 2021 compared to 63.60 % at June 30 , 2020 . See non - GAAP reconciliation table below . Net interest income for the third quarter was $ 68.5 million , an increase of $ 6.4 million compared to $ 62.1 million in the third quarter last year , reflecting a decrease in deposit interest expense . Net interest margin ( " NIM " ) improved to 3.75 % for the third quarter from 3.28 % during the same period of last year , chiefly due to the decrease of cash associated with the Company's participation in the EIP program and an increase in national lending loans and leases . Total gross loans and leases at June 30 , 2021 decreased $ 1.5 million , to $ 3.50 billion , compared to June 30 , 2020 and decreased $ 152.8 million , or 4 % , when compared to March 31 , 2021. The decrease was primarily driven due to the seasonal nature of the taxpayer advance loans . Average deposits from the Payments businesses for the fiscal 2021 third quarter increased nearly 8 % to $ 6.79 billion when compared to the prior year quarter largely driven by excess cash on consumer cards related to government stimulus programs . 1