Meta Financial Group, Inc.® Reports Net Income of $6.8 million for Third Quarter of Fiscal 2018
“We’re very pleased with the continued success of Meta’s highly differentiated and diversified financial services model, as our teams work to expand their businesses, implement innovative programs with our partners, and maintain rigorous discipline around risk management and underwriting,” said Chairman and CEO
Highlights for the 2018 Fiscal Third Quarter Ended June 30, 2018
- Total loans receivable, net of allowance for loan losses, increased
$366.0 million, or 30%, at June 30, 2018, compared to June 30, 2017.
- The Company successfully launched two consumer credit product programs, and loan originations from those programs totaled
$27.0 millionfor the three months ended June 30, 2018. The Company anticipates its consumer credit originations to exceed $45.0 millionin the fourth quarter of fiscal 2018. As previously announced, a third program is expected to pilot launch during the latter part of the fiscal fourth quarter of 2018, but the Company anticipates limited volumes from that program for the fourth quarter.
- Net interest income was
$28.4 millionin the 2018 fiscal third quarter, an increase of $3.5 million, or 14%, compared to $24.9 millionin the 2017 fiscal third quarter.
- The Company recorded a provision for loan losses of
$5.3 millionfor the three months ended June 30, 2018, compared to $1.2 millionfor the same period of the prior year. The provision for the 2018 fiscal third quarter includes the aforementioned $3.0 millionpurchased student loan portfolio-related provision.
- Total tax product fee income increased
$1.6 million, or 29%, from $5.7 millionfor the three months ended June 30, 2017to $7.3 millionfor the three months ended June 30, 2018, and provision for loan losses related to tax services loans increased $0.8 million to $1.2 millionover the same period. Overall pre-tax income related to the 2018 tax season is still expected to be close to, but less than, the previous year's tax season.
- Payments division average deposits increased
$207.5 million, or 9%, for the 2018 fiscal third quarter when compared to the same quarter of fiscal 2017.
- Non-performing assets (“NPAs”) were 0.86% of total assets at June 30, 2018, compared to 1.17% at June 30, 2017.
mid-July 2018, the Company entered into a first-out participation agreement in a highly secured, consumer receivable asset-based warehouse line of credit. The Company holds a senior position, providing up to $65.0 million, with the subordinate party contributing up to $100.0 million, thereby enhancing the Company’s position with significant subordination. The Company expects to realize a variable yield with a floor of 6%. MetaBankwas named a continuing fiscal agent for the United States Departmentof the Treasury’s Bureau of the Fiscal Service. Meta has served as a financial agent and issuing bank since October 2016for the Bureau’s U.S. Debit Card Program, which allows federal agencies to deliver payments through prepaid debit cards, rather than checks, cash or other non-electronic payment methods, effectively reducing costs.
June 28, 2018, Meta announced that all necessary bank regulatory approvals relating to the acquisition of Crestmark Bancorp, Inc.(“Crestmark”), the holding company for its Michiganstate-chartered bank subsidiary, Crestmark Bank, were received, and the transaction is expected to close on Wednesday, August 1, 2018. In addition, on May 29, 2018, Meta announced the results of its Special Meeting of Shareholders. At the special meeting, Meta’s shareholders approved the proposal to adopt the Agreement and Plan of Merger, entered into by Meta, MetaBank, Crestmark and Crestmark Bankas of January 9, 2018(the "Merger Agreement"), and to approve the merger of Meta and Crestmark and the other transactions contemplated by the Merger Agreement.
June 20, 2018, Meta announced that, on June 18, 2018, the Company received written notification from ReliaMax Surety Company(“ReliaMax”), the entity providing insurance for the Company's purchased student loans, informing policy holders that the South Dakota Division of Insurancehad filed a petition to have ReliaMax declared insolvent and to adopt a plan of liquidation. The Company expects to ultimately recover a substantial portion of the unearned premiums and anticipates realized pre-tax yields, net of on-going provision for credit losses and direct servicing costs, for the portfolios to range between 5.50% and 7.50%.
June 20, 2018, Meta announced its entry into an agreement with Global Cash Card, Inc.("GCC") to extend their agreement through 2022. GCC is a leading provider of paycard solutions, specializing in paperless payroll and direct deposit distribution for its clients. Meta Capital, LLC, a wholly-owned subsidiary of MetaBank, was formed in April 2017by the Company to help drive innovation by evaluating and investing primarily in financial technology companies. From its formation through June 30, 2018, Meta Capital, LLChas invested a total of $5.0 millionin early-to mid-stage financial technology companies, with an additional $0.5 millionin outstanding investment commitments.
Total revenue for the fiscal 2018 third quarter was
The Company recorded net income of
The 2018 fiscal third quarter pre-tax results included a
Net Interest Income
Net interest income for the fiscal 2018 third quarter was
Net Interest Margin
Tax equivalent net interest margin ("NIM") was 3.23% in the fiscal 2018 third quarter, a decrease of two basis points from 3.25% in the fiscal 2017 third quarter. The decrease was primarily related to the change in the corporate tax rate resulting from the Tax Cuts and Jobs Act (the "Tax Act"). Excluding changes resulting from the adoption of the Tax Act, the reported NIM of 3.23% would have been 3.42%.
During the fiscal third quarter of 2018, the Company sold longer term tax-exempt municipal securities and replaced such securities with floating-rate, government-related asset-backed securities. The Company anticipates a slight decrease in overall portfolio yield for the fourth quarter of fiscal 2018 but expects to benefit in the quarters to follow assuming short-term rates continue to increase. This decrease in the overall portfolio yield, in addition to likely seasonal increases in the prepayment speeds of the MBS and mortgage-related municipal portfolio, will likely result in a slightly lower NIM in the fiscal fourth quarter of 2018, when excluding the effects of the pending Crestmark acquisition, and a slightly better relative NIM in the immediate succeeding quarters.
The overall reported tax equivalent yield (“TEY”) on average earning asset yields increased by 13 basis points to 3.82% when comparing the fiscal 2018 third quarter to the 2017 third fiscal quarter, which was driven primarily by the Company's improved earning asset mix, with increased exposure to its commercial insurance premium finance, consumer, and community banking loan portfolios. The reported 3.82% TEY on earning assets reflects the lowered corporate prorated tax rate of the Company's tax-exempt securities portfolio. Had corporate tax rates remained at previous rates, excluding changes resulting from the adoption of the Tax Act, reported TEY on earning assets would have been 4.01%, or a 19 basis point increase.
The fiscal 2018 third quarter TEY on the securities portfolio decreased by nine basis points to 3.11% compared to the same period of the prior year TEY of 3.20%, primarily due to the adoption of the Tax Act, which lowered the TEY on tax-exempt securities. Had corporate tax rates not changed due to the Tax Act, reported securities portfolio TEY yield would have increased to 3.43% for the fiscal 2018 third quarter due to new investments in higher-yielding investment securities.
The Company’s average interest-earning assets for the fiscal 2018 third quarter grew by
Overall, the Company's cost of funds for all deposits and borrowings averaged 0.62% during the fiscal 2018 third quarter, compared to 0.45% for the 2017 third quarter. This increase was primarily due to an increase in short-term funding rates. The Company's overall cost of deposits was 0.29% in the fiscal third quarter of 2018, compared to 0.15% in the same quarter of 2017. When excluding wholesale deposits, which were utilized at advantageous rates in place of overnight borrowings during the third quarter of fiscal 2018, the Company's cost of deposits for the third quarter of fiscal 2018 would have been 0.04%.
Fiscal 2018 third quarter non-interest income of
The increase in total tax product fee income was primarily due to an increase in refund transfer fees of
The increase in deposit fee income was related to the transition from card fee income to deposit fee income and growth of certain fees in fiscal year 2018, in each case, from a product in the Company's payments division. This change also contributed to the slight decrease in card fee income. If these particular fees would have remained as card fee income, card fee income would have increased 3% when comparing the fiscal 2018 third quarter to the same period of the prior year.
A reduction in residual fee income related to a wind-down of two of our non-strategic partners also led to the slight decrease in card fee income when comparing the current quarter to the same period of the prior year. When excluding residual fee income, card fee income would have increased 3% when comparing the current quarter to the same period of the prior year. The Company expects growth in card fee income to be moderated by declining residual fee income through fiscal year 2019. The Company expects total 2018 fiscal year card fee income to be between
Non-interest expense increased
Income tax expense for the fiscal 2018 third quarter was
Total loans receivable, net of allowance for loan losses, increased
The Company’s allowance for loan losses was
MetaBank’s NPAs at June 30, 2018, were
Investment securities and MBS decreased by
Average TEY on the total securities portfolio decreased nine basis points to 3.11% in the third quarter of fiscal 2018 from 3.20% in the same quarter of 2017. Overall TEY of other investment securities decreased by 32 basis points from 3.63% to 3.31% in the third quarter of 2018 compared to the same period of 2017, primarily due to the effects of the Tax Act and a reduction of TEY due to the reduced overall tax rate. Average yields increased within MBS by 23 basis points to 2.56% in the third quarter of 2018 from 2.33% in the same quarter of 2017. Average yields on asset-backed securities increased to 3.25% in the third quarter of 2018 from 2.66% in the same quarter of 2017.
The TEY on the total securities portfolio of 3.11% for the third fiscal quarter of 2018 reflects the lowered corporate prorated tax rate on the Company's tax-exempt municipal portfolio. Had corporate tax rates not changed due to the Tax Act, reported total securities portfolio yield would have been 3.43%, and the TEY of investment securities would have been 3.76% at the previous corporate rate. The 3.34% overall TEY of tax-exempt investment securities reflects the lowered corporate prorated tax rate.
When comparing the third quarter of fiscal 2018 to the second quarter of fiscal 2018, average TEY on the total securities portfolio decreased by seven basis points to 3.11% from 3.18%, of which investment securities TEY decreased 11 basis points to 3.31% from 3.42%, and MBS remained unchanged at 2.56%. As previously noted, during the fiscal third quarter of 2018, the Company sold longer term tax-exempt municipal securities and replaced such securities with floating-rate, government-related asset-backed securities, which provided for a slight overall portfolio yield decrease for an anticipated longer-term benefit as short-term rates have continued to increase with the most recent federal funds target rate increase to 2% in
During the 2018 third fiscal quarter, the Company primarily purchased
Deposits, Other Borrowings and Other Liabilities
Total end-of-period deposits increased
The increase in wholesale deposits at
Total average deposits for the fiscal 2018 third quarter increased by
The average balance of total deposits and interest-bearing liabilities was
The Company and
The tables below also include certain non-GAAP financial measures that are used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews these measures along with other measures of capital as part of its financial analysis.
Regulatory Capital Data (1)
|Requirement to Be|
|Requirement For||Under Prompt|
|Capital Adequacy||Corrective Action|
|At June 30, 2018||Company||MetaBank||Purposes||Provisions|
|Tier 1 leverage ratio||8.29||%||10.16||%||4.00||%||5.00||%|
|Common equity Tier 1 capital ratio||13.92||17.57||4.50||6.50|
|Tier 1 capital ratio||14.35||17.57||6.00||8.00|
|Total qualifying capital ratio||18.37||18.50||8.00||10.00|
(1) Regulatory ratios are estimated.
The following table provides certain non-GAAP financial measures used to compute certain of the ratios included in the table above, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable financial measure in accordance with GAAP:
|Standardized Approach (1)|
|June 30, 2018|
|(Dollars in Thousands)|
|LESS: Goodwill, net of associated deferred tax liabilities||94,781|
|LESS: Certain other intangible assets||46,098|
|LESS: Net unrealized gains (losses) on available-for-sale securities||(28,601||)|
|Common Equity Tier 1 (1)||331,635|
|Long-term debt and other instruments qualifying as Tier 1||10,310|
|Total Tier 1 capital||341,945|
|Allowance for loan losses||22,151|
|Subordinated debentures (net of issuance costs)||73,442|
|Total qualifying capital||437,538|
(1) Capital ratios were determined using the Basel III capital rules that became effective on
The following table provides a reconciliation of tangible common equity used in calculating tangible book value data.
|June 30, 2018|
|(Dollars in Thousands)|
|Total Stockholders' Equity||$||443,913|
|Less: Intangible assets||46,098|
|Tangible common equity||299,092|
|Less: Accumulated Other Comprehensive Income (Loss) ("AOCI")||(28,601||)|
|Tangible common equity excluding AOCI (Loss)||327,693|
Due to the predictable, quarterly cyclicality of non-interest bearing deposits in connection with tax season business activity, management believes that a six-month capital calculation is a useful metric to monitor the Company’s overall capital management process. As such, MetaBank’s six-month average Tier 1 leverage ratio, Common equity Tier 1 capital ratio, Tier 1 capital ratio, and Total qualifying capital ratio as of June 30, 2018, were 9.64%, 16.53%, 16.53%, and 17.40%, respectively.
The Company and
You can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future,” or the negative of those terms, or other words of similar meaning or similar expressions. You should carefully read statements that contain these words because they discuss our future expectations or state other “forward-looking” information. These forward-looking statements are based on information currently available to us and assumptions about future events, and include statements with respect to the Company’s beliefs, expectations, estimates, and intentions, which are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such risks, uncertainties and other factors may cause our actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Such statements address, among others, the following subjects: statements regarding the potential benefits of, and other expectations for the combined company giving effect to, the proposed merger transaction with Crestmark; the anticipated timing for closing the proposed merger transaction with Crestmark; future operating results; customer retention; loan and other product demand; important components of the Company’s statements of financial condition and operations; the Company’s expected recoveries with respect to its purchased student loan portfolios and the estimated impact on the Company's provision for loan losses, as well as anticipated realized pre-tax yields, net of provision for credit losses and direct servicing costs, with respect to its purchased student loan portfolio; growth and expansion; new products and services, such as those offered by
The foregoing list of factors is not exclusive. We caution you not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release speak only as of the date hereof. Additional discussions of factors affecting the Company’s business and prospects are reflected under the caption “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended
|Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
|ASSETS||June 30, 2018||March 31, 2018||December 31, 2017||September 30, 2017||June 30, 2017|
|Cash and cash equivalents||$||71,276||$||107,563||$||1,300,409||$||1,267,586||$||65,630|
|Investment securities available for sale||1,351,538||1,418,862||1,392,240||1,106,977||1,141,684|
|Mortgage-backed securities available for sale||575,999||654,890||600,112||586,454||666,424|
|Investment securities held to maturity||216,160||226,618||235,024||449,840||464,729|
|Mortgage-backed securities held to maturity||8,218||8,393||8,468||113,689||117,399|
|Allowance for loan loss||(21,950||)||(27,078||)||(8,862||)||(7,534||)||(14,968||)|
|Federal Home Loan Bank Stock, at cost||7,446||17,846||57,443||61,123||16,323|
|Accrued interest receivable||17,825||17,604||21,089||19,380||21,831|
|Premises, furniture, and equipment, net||20,374||20,278||20,571||19,320||20,107|
|Bank-owned life insurance||86,655||86,021||85,371||84,702||84,035|
|Foreclosed real estate and repossessed assets||29,922||30,050||128||292||364|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Money market deposits||45,115||48,070||47,451||48,758||46,709|
|Time certificates of deposit||57,151||71,712||128,220||123,637||83,760|
|Accrued interest payable||3,705||1,315||4,065||2,280||2,463|
|Accrued expenses and other liabilities||87,038||114,829||63,595||78,065||64,118|
|Preferred stock, 3,000,000 shares authorized, no shares issued or outstanding at
June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017, and
June 30, 2017.
|Common stock, $.01 par value; 90,000,000, 30,000,000, 15,000,000, 15,000,000,
and 15,000,000 shares authorized, 9,721,526, 9,720,536, 9,685,398, 9,626,431,
and 9,349,989 shares issued and 9,700,535, 9,699,591, 9,664,846, 9,622,595,
and 9,349,989 shares outstanding at June 30, 2018, March 31, 2018, December
31, 2017, September 30, 2017, and June 30, 2017.
|Common stock, Nonvoting, $.01 par value; 3,000,000 shares authorized, no
shares issued or outstanding at June 30, 2018, March 31, 2018, December 31,
2017, September 30, 2017, and June 30, 2017.
|Additional paid-in capital||267,804||265,685||262,872||258,336||256,088|
|Accumulated other comprehensive (loss) income||(28,601||)||(21,166||)||5,782||9,166||7,397|
|Treasury stock, at cost, 20,991, 20,945, 20,552, and 3,836 common shares at
June 30, 2018, March 31, 2018, December 31, 2017, and September 30, 2017,
none at June 30, 2017.
|Total stockholders’ equity||443,913||443,703||437,705||434,496||430,213|
|Total liabilities and stockholders’ equity||$||4,169,159||$||4,301,693||$||5,417,963||$||5,228,332||$||4,019,693|
|Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
|Three Months Ended||Nine Months Ended|
|Interest and dividend income:|
|Loans receivable, including fees||$||19,056||$||17,844||$||14,089||$||53,344||$||37,540|
|FHLB advances and other borrowings||3,429||3,009||2,879||9,215||6,251|
|Net interest income||28,411||27,405||24,943||82,012||68,742|
|Provision for loan losses||5,315||18,343||1,240||24,726||10,732|
|Net interest income after provision for loan losses||23,096||9,062||23,703||57,286||58,010|
|Refund transfer product fees||7,358||33,803||5,785||41,353||38,448|
|Tax advance product fees||(46||)||33,838||(108||)||35,739||31,460|
|Bank-owned life insurance||633||650||656||1,952||1,548|
|Gain (loss) on sale of securities||(22||)||(166||)||47||(1,198||)||(1,331||)|
|Gain (loss) on foreclosed real estate||—||—||—||(19||)||7|
|Total non-interest income||33,225||97,419||30,820||159,912||142,339|
|Compensation and benefits||24,439||32,172||22,193||78,951||66,809|
|Refund transfer product expense||1,694||9,871||1,623||11,665||11,852|
|Tax advance product expense||(19||)||1,474||72||1,736||3,239|
|Occupancy and equipment||4,720||4,477||4,034||14,087||12,202|
|Legal and consulting||2,781||3,239||1,375||8,436||5,603|
|Intangible amortization expense||1,664||2,731||1,887||6,077||10,494|
|Total non-interest expense||49,053||68,497||42,219||161,592||145,918|
|Income before income tax expense||7,268||37,984||12,304||55,606||54,431|
|Income tax expense||476||6,548||2,517||12,708||11,258|
|Earnings per common share|
|Shares used in computing earnings per share|
Average Balances, Interest Rates and Yields
The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Only the yield/rate has tax-equivalent adjustments. Non-accruing loans have been included in the table as loans carrying a zero yield.
|Three Months Ended June 30,||2018||2017|
|(Dollars in Thousands)
|Cash & fed funds sold||$||57,164||$||388||2.72||%||$||40,833||$||229||2.24||%|
|Tax exempt investment securities||1,373,444||8,635||3.34||%||1,348,589||8,314||3.80||%|
|Other investment securities||74,038||538||2.91||%||133,169||903||2.72||%|
|Commercial finance loans||299,676||3,813||5.10||%||227,160||2,792||4.93||%|
|Consumer finance loans||188,827||3,717||7.89||%||129,097||2,072||6.44||%|
|Tax services loans||22,268||—||—||%||10,508||—||—||%|
|National lending loans(3)||510,771||7,530||5.91||%||366,765||4,864||5.32||%|
|Community banking loans(4)||1,050,126||11,526||4.40||%||837,539||9,225||4.42||%|
|Total interest-earning assets||$||3,872,747||$||34,104||3.82||%||$||3,627,893||$||28,861||3.69||%|
|Total interest-bearing deposits||718,781||2,264||1.26||%||569,195||1,039||0.73||%|
|Overnight fed funds purchased||402,088||2,041||2.04||%||512,154||1,470||1.15||%|
|Total interest-bearing liabilities||1,230,707||5,693||1.86||%||1,180,204||3,918||1.33||%|
|Non-interest bearing deposits||2,465,750||—||0.00||%||2,295,046||—||0.00||%|
|Total deposits and interest-bearing liabilities||$||3,696,457||$||5,693||0.62||%||$||3,475,250||$||3,918||0.45||%|
|Other non-interest-bearing liabilities||98,973||99,919|
|Total liabilities and shareholders' equity||$||4,240,290||$||3,999,578|
|Net interest income and net interest rate spread including non-interest-bearing deposits||$||28,411||3.21||%||$||24,943||3.24||%|
|Net interest margin||2.94||%||2.76||%|
|Tax equivalent effect||0.29||%||0.49||%|
|Net interest margin, tax equivalent(5)||3.23||%||3.25||%|
(1) Tax rate used to arrive at the TEY for the three months ended
(2) Tax rate used to arrive at the TEY for the three months ended
(3) Previously stated Specialty Finance Loans have been renamed as National Lending Loans. National Lending Loans are comprised of loan portfolios that are not generated by the
(4) Previously stated
(5) Net interest margin expressed on a fully taxable equivalent basis ("net interest margin, tax equivalent") is a non-GAAP financial measure. The tax-equivalent adjustment to net interest income recognizes the estimated income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income. We believe that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis, and accordingly believe the presentation of this non-GAAP financial measure may be useful for peer comparison purposes.
The following table presents, for the periods indicated, allowance for loan loss activity.
|(Dollars in thousands)|
|(Unaudited)||Three Months Ended||Nine Months Ended|
|Allowance for loan loss activity||June 30, 2018||March 31, 2018||June 30, 2017||June 30, 2018||June 30, 2017|
|Provision - tax services loans||1,189||18,129||352||20,335||8,566|
|Provision - all other loans||4,126||214||888||4,391||2,166|
|Selected Financial Information|
|At Period Ended:||June 30,
|Equity to total assets||10.65||%||10.31||%||8.08||%||8.31||%||10.70||%|
|Book value per common share outstanding||$||45.76||$||45.74||$||45.29||$||45.15||$||46.01|
|Tangible book value per common share outstanding||$||30.83||$||30.65||$||29.85||$||29.47||$||28.52|
|Tangible book value per common share outstanding excluding AOCI||$||33.78||$||32.83||$||29.25||$||28.52||$||27.73|
|Common shares outstanding||9,700,535||9,699,591||9,664,846||9,622,595||9,349,989|
|Non-performing assets to total assets||0.86||%||0.84||%||0.61||%||0.72||%||1.17||%|
|Full-time equivalent employees||932||916||878||827||808|
|Three Months Ended||Nine Months Ended|
|Net interest margin||2.94||%||2.61||%||2.76||%||2.77||%||2.55||%|
|Net interest margin, tax equivalent||3.23||%||2.89||%||3.25||%||3.06||%||3.02||%|
|Return on average assets||0.64||%||2.67||%||0.98||%||1.31||%||1.45||%|
|Return on average equity||6.11||%||28.37||%||9.22||%||12.98||%||14.79||%|
|Select Quarterly Expenses|
|(Dollars in Thousands)||Actual||Anticipated|
|For the Three Months Ended||Jun 30,
|Amortization of Intangibles (1) (2)||$||1,664||$||1,632||$||1,488||$||2,707||$||1,488||$||1,468||$||1,283||$||2,008||$||1,240|
|Executive Officer Stock Compensation (3)||$||1,324||$||1,338||$||941||$||917||$||927||$||937||$||679||$||669||$||669|
(1) These amounts are based upon the current reporting period’s intangible assets only. This table makes no assumption for expenses related to future acquired intangible assets.
(2) As previously disclosed in the fiscal 2018 second quarter, the Company expects to record additional intangible amortization expense of between
(3) These amounts are based upon the long-term employment agreements signed in the first and second quarters of fiscal 2017 by the Company’s three highest paid executives. This table makes no assumption for expenses related to any additional future agreements.
The Company will host a conference call and earnings webcast at
Additional Information About the Proposed Crestmark Transaction
In connection with the proposed merger transaction, Meta has filed a registration statement on Form S-4 (file no. 333-223769) with the
This communication and the information contained herein does not and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities in connection with the proposed merger shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Transaction
Meta, Crestmark and certain of their respective directors and executive officers may be deemed under the rules of the
About Meta Financial Group®
|Media Contact:||Investor Relations Contact:|
|Katie LeBrun||Brittany Kelley Elsasser|
|Corporate Communications Director||Director of Investor Relations|