MetaBank® Provides 2019 Tax Season Update
March 20 2019 - 4:10PM
Meta Financial Group, Inc.® (Nasdaq: CASH) (the “Company”)
announced today preliminary 2019 tax season results at its bank
subsidiary, MetaBank®. For the 2019 tax season, MetaBank originated
$1.49 billion in refund advance loans, all of which were retained.
This represents growth of 18%, compared to the 2018 tax season,
largely due to increased average loan sizes. Additionally, the
Company expects to process approximately 2.4 million in refund
transfers through its Tax Services division for the 2019 tax
season, at higher margins, compared to the over 2.6 million in
refund transfers processed during the prior year’s tax season.
“While the government shutdown delayed the start
of IRS tax refund processing this year, we are proud of our team
and the dedication they have shown during the 2019 tax season to
drive a successful effort,” said President and CEO, Brad Hanson.
“In addition, we launched a new product feature with one of our
partners that has been well received by consumers. Overall, we
expect fiscal 2019 income growth, net of losses and direct program
expenses, from our Tax Services division to be in the range of flat
to up 10% over fiscal 2018, consistent with prior guidance.”
This press release and other important
information about the Company are available at
metafinancialgroup.com.
Forward-Looking StatementsThe Company and
MetaBank may from time to time make written or oral
“forward-looking statements,” including statements contained in
this press release, the Company’s filings with the Securities and
Exchange Commission (“SEC”), the Company’s reports to stockholders,
and in other communications by the Company and MetaBank, which are
made in good faith by the Company pursuant to the “safe harbor”
provisions of the Private Securities Litigation Reform Act of
1995.
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 the
Company and MetaBank 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 statements, among others, including, but
not limited to, statements regarding the preliminary results for
the 2019 tax season relating to refund advance loans and refund
transfers, including with respect to loan volume, average loan
sizes, margins for refund transfers and growth in income net of
losses and direct program expenses, from the Tax Services division.
The accuracy of these statements 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 Internal Revenue
Service refund processing practices; changes in tax laws; and the
factors discussed in the Company’s most recent Annual Report on
Form 10-K and other filings with the Securities and Exchange
Commission. Meta expressly disclaims any intent or obligation to
update any forward-looking statement, whether written or oral, that
may be made from time to time by or on behalf of Meta or its
subsidiaries.
About Meta Financial Group
Meta Financial Group, Inc.® (Nasdaq: CASH) is
the holding company for the financial services company MetaBank®
("Meta"). Founded in 1954, Meta has grown to operate in several
different financial sectors: payments, commercial finance, tax
services, community banking and consumer lending. Meta works with
high-value niche industries, strategic-growth companies and
technology adopters to grow their businesses and build more
profitable customer relationships. Meta tailors solutions for bank
and non-bank businesses and provides a focused collaborative
approach. The organization is helping to shape the evolving
financial services landscape by directly investing in innovation
and complementary businesses that strategically expand its suite of
services. Meta has a national presence and over 1,200 employees,
with corporate headquarters in Sioux Falls, S.D. For more
information, visit the Meta Financial Group website or
LinkedIn.
Investor Relations Contact: |
|
Brittany Kelley Elsasser |
|
Director of Investor Relations |
|
605.362.2423 |
|
bkelley@metabank.com |
|
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