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Dec 31, 2021
Meta Q1 2022 Earnings Report
Reported strong fiscal first quarter results driven by strategic initiatives and a significant gain on the sale of Meta names and trademarks.
Key Takeaways
Meta Financial Group reported a strong fiscal first quarter with net income of $61.3 million, or $2.00 per share, driven by a $50 million gain on the sale of Meta names and trademarks. Excluding the gain, adjusted net income totaled $23.9 million, or $0.78 per share. The company also sold its remaining legacy community bank loans and extended its agreement with Emerald Financial Services.
Net income for the first quarter was $61.3 million, or $2.00 per share.
A gain on sale of Meta names and trademarks of $50.0 million was recognized.
All remaining $192.5 million of community banking loans were sold.
The agreement with Emerald Financial Services, LLC was extended through June 30, 2025.
Meta
Meta
Forward Guidance
The company expects to complete its rebranding process by the end of 2022 and estimates rebranding expenses will range between $15 million to $20 million.