MetaBank Provides 2018 Tax Season Update
While there is still meaningful refund transfer volume expected to take place in March and April, consistent with activity during the 2017 tax season, the Company expects to process approximately 2.5 million in refund transfers from January through April through its EPS Financial (“EPS”) and Refund Advantage (“RA”) divisions. In comparison, the Company processed just over 2.4 million refund transfers during the same period in 2017.
“While some partners originated more and others less than we expected in refund advance loans, we successfully achieved volume outcomes in total above our previously stated October tax season preview guidance, as the Company was able to originate over
“While refund advance loan balances in the 2018 tax season were driven by both larger refund advance loan sizes offered to taxpayers and more loans originated, we expect continued organic growth for the 2019 tax season will be driven by an increase in the number of approved loans with sizes similar to 2018,” stated President
This press release and other important information about the Company are available at metafinancialgroup.com.
Forward-Looking Safe Harbor Statement
This release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding results for the 2018 tax season relating to refund advance loans and refund transfers, including with respect to loan volume and pre-tax net income, statements regarding anticipated growth in the Company’s tax services business, both on an absolute basis and relative to the tax services market, and statements regarding an anticipated increase in taxpayer applications in the 2019 tax season. The accuracy of these statement are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include the risk that Meta may, in connection with the anticipated increase in refund advance loans, recognize more significant loan losses than expected; the risks of reduced volume of refund advance loans as a result of reduced customer demand for or acceptance or usage of Meta’s partners’ refund advance products, including due to the effectiveness of the marketing efforts for such products by Meta’s partners, the implementation of alternative products by competitors of Meta’s partners or otherwise; changes in
|Media Contact:||Investor Relations Contact:|
|Katie LeBrun||Brittany Kelley Elsasser|
|Corporate Communications Director||Director of Investor Relations|