Pathward Financial, Inc. reports company developments tied to its role as a U.S.-based financial holding company with the national bank subsidiary Pathward, N.A. Recurring updates cover quarterly results, cash dividends, Partner Solutions activity, Commercial Finance lending, professional tax solutions, and banking services for fintechs, payments innovators, individuals and businesses.
Company news also includes impact reporting, community grants, workplace and industry recognition, and participation in financial-technology policy groups. Pathward’s operating updates often reference card issuing, merchant acquiring, digital payments sponsorship, credit solutions, equipment financing, working capital and structured finance as part of its financial-access model.
Meta Financial Group (Nasdaq: CASH) announced its participation in the third round of Economic Impact Payments (EIP) disbursement, enabling approximately $11 billion to be distributed via prepaid debit cards. This initiative follows prior rounds where the company distributed $6.4 billion and $7.1 billion through the CARES Act and the Consolidated Appropriations Act, respectively. The disbursement is expected to have a slightly positive impact on earnings. MetaBank will operate under a temporary regulatory capital exemption, ensuring compliance with federal guidelines during this process.
MetaBank announced the appointment of Kia Tang as Chief People and Inclusion Officer, effective March 15, 2021. Kia will lead diversity, equity, and inclusion (DEI) initiatives and drive workplace strategy across physical and remote locations. Brad Hanson, Co-President and CEO, highlighted Kia's background in human resources and operations as vital for MetaBank's mission to enhance financial inclusion. Kia previously worked as a consultant at Heidrick & Struggles and has extensive experience in the finance and recruiting sectors.
Populus Financial Group's ACE Cash Express and Netspend have donated $593,300 to the National Breast Cancer Foundation (NBCF) as part of their 14-year partnership, totaling over $7 million. This year's funds support NBCF's COVID-19 Relief Fund for breast cancer patients. In addition, the ACE Pink Month campaign raised $350,000 through customer donations and card transactions. NBCF has expressed gratitude for this long-term commitment, which aids in early detection and support for thousands of women affected by breast cancer during challenging times.
Meta Financial Group (Nasdaq: CASH) announced a cash dividend of $0.05 per share for Q2 2021, payable on April 1, 2021, to shareholders on record as of March 10, 2021. As of December 31, 2020, the company reported total assets of $7.26 billion and shareholders' equity of $813.2 million. This dividend reflects the company’s ongoing commitment to return value to shareholders.
Meta Financial Group (Nasdaq: CASH) announced the appointment of Ronald D. McCray and Lizabeth Zlatkus to its Board of Directors as of February 23, 2021. McCray brings extensive experience in finance and governance, previously serving as Chairman and CEO of Career Education Corporation and in various roles at NIKE. Zlatkus has over 28 years of experience at The Hartford Financial Services Group, including as CFO and Chief Risk Officer. Their expertise is expected to enhance the company's strategic execution and long-term shareholder value.
MetaBank's new research reveals critical insights into consumer banking trends, indicating that consumers are increasingly viewing digital accounts as supplements to traditional ones rather than replacements. This presents significant growth opportunities for digital banks. The study identifies 'Hybrids'—consumers holding both digital and traditional accounts—making up 27% of the banking population. With nearly half of U.S. consumers owning multiple accounts, the report suggests targeted marketing strategies focusing on digital channels could enhance acquisition efforts.
Meta Financial Group (Nasdaq: CASH) reported a 50% increase in earnings per share, reaching $0.84 for Q1 FY2021, compared to $0.56 in Q1 FY2020. Net income grew to $28 million from $21.1 million. The company's total revenue rose 9% to $111.5 million, aided by a 2% increase in net interest income to $66 million. The efficiency ratio improved by 9% to 62.2% while average deposits surged 83% to $5.07 billion. However, net interest margin declined to 4.65%. The company is actively involved in distributing Economic Impact Payments and has expanded its solar lending business by 29%.
Meta Financial Group (Nasdaq: CASH) will release its financial results for Q1 FY 2021 on January 27, 2021, after market close. An earnings call and webcast will follow at 4:00 PM CT to discuss the results. Investors can access the live call by dialing (844) 461-9934 or (636) 812-6634 for international participants. A replay of the webcast will be available on their Investor Relations website for one year.
Meta Financial operates through its subsidiary, MetaBank, focusing on enhancing financial access and economic mobility for communities.
Meta Financial Group (Nasdaq: CASH) announced its role in disbursing approximately $7 billion in Economic Impact Payments (EIP) via prepaid debit cards, following a successful prior disbursement of $6.4 billion. The program aligns with the company’s mission for financial inclusion. While the EIP will have a minimal impact on earnings, the increased deposits will temporarily reduce net interest margin and return on assets. The company maintains compliance with regulations and does not expect long-term adverse effects on capital ratios.
Blackhawk Network has donated $10,000 in Giving Good gift cards to Wounded Warrior Project (WWP) Peer Support Group leaders, acknowledging their volunteer efforts during the COVID-19 pandemic. The gift cards contribute to programs supporting injured veterans and their families, with a portion of each card purchase benefiting WWP. These gift cards range in value from $25 to $500 and are available through various channels, including GiftCards.com. WWP has been recognized for its impact, holding a GuideStar Platinum rating and top ratings from the BBB and Charity Navigator.