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Sep 30, 2020
Meta Q4 2020 Earnings Report
Reported net income for fiscal fourth quarter and year ended September 30, 2020.
Key Takeaways
Meta Financial Group, Inc. reported a net income of $13.2 million, or $0.38 per diluted share, for the three months ended September 30, 2020, compared to a net income of $20.2 million, or $0.53 per diluted share, for the three months ended September 30, 2019.
Net income for the fiscal year 2020 was $104.7 million, or $2.94 per diluted share.
The Company resumed its share repurchase program and repurchased 260,816 shares during the quarter ended September 30, 2020.
MetaBank entered into a three-year program management agreement with Emerald Financial Services, LLC.
The company continued its support of various COVID-19 relief efforts including the Economic Impact Payment (EIP) program and the Paycheck Protection Program (PPP).
Meta
Meta
Forward Guidance
The Company adopted CECL effective October 1, 2020, and expects its day one entry to increase the allowance for credit losses to be between $13 million and $14 million.