Meta Financial Group, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2018; Provides Earnings Guidance for Fiscal 2019 and 2020; Reports Net Charge-Off for the Quarter Ended December 31, 2018
January 28, 2019 at 04:15 pm
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Meta Financial Group, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2018. For the quarter, the company reported net interest income was $60,272,000 against $26,196,000 a year ago. Net income attributable to parent was $15,398,000 against $4,670,000 a year ago. Basic and diluted earnings per common share was $0.39 against $0.16 a year ago.
The Company continues to expect fiscal 2019 earnings per common share to be in the range of $2.30 to $2.70, excluding the effects related to Company executive transition costs. The Company estimates $6.1 million of pre-tax executive transition agreement costs will reduce fiscal 2019 earnings per common share by up to $0.12, all of which costs the Company expects will be incurred in the quarter ending March 31, 2019.
The Company also affirms the earnings outlook for fiscal year 2020 GAAP earnings per common share to be in the range of $3.10 to $3.80.
For the quarter ended December 31, 2018, the company reported net charge-offs were $0.8 million.
Pathward Financial, Inc. is a financial holding company. The Company's subsidiary is Pathward, National Association (the Bank). The Bank operates through three segments: Consumer, Commercial, and Corporate Services/Other. The Consumer segment includes the banking as a service (BaaS) business line, which collaborates with partners to navigate payment and lending needs. The Bank's capabilities range from prepaid cards and deposit accounts to payment processing and consumer lending. The Bank offers a variety of installment and revolving consumer lending products through its credit solutions. The Commercial segment offers a variety of products through its working capital, equipment finance, structured finance and insurance premium finance lending solutions. The Corporate Services/Other segment includes certain shared services as well as treasury related functions, such as the investment portfolio, warehouse finance, wholesale deposit, and borrowings.
Meta Financial Group, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2018; Provides Earnings Guidance for Fiscal 2019 and 2020; Reports Net Charge-Off for the Quarter Ended December 31, 2018