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) declared a cash dividend of $0.05 per share for Q4 2020, payable on October 1, 2020, to shareholders of record as of September 10, 2020. As of June 30, 2020, the company reported total assets of $8.78 billion and shareholders’ equity of $829.9 million.
Meta Financial Group's subsidiary, MetaBank, has entered into a strategic agreement with Emerald Financial Services, a subsidiary of H&R Block (Nasdaq: CASH), to manage financial products including the Emerald Prepaid MasterCard and Refund Transfers. This partnership aims to enhance access to financial services for consumers through H&R Block's distribution channels. The collaboration underscores Meta's role as a leading provider of financial products in the tax industry, promising improved consumer access and simplified financial transactions.
MetaBank has joined the U.S. Faster Payments Council (FPC), enhancing its commitment to advance payments technology. This move marks a significant step for the bank, a subsidiary of Meta Financial Group (Nasdaq: CASH), which launched its faster payments platform in 2019, expanding services such as Visa Direct and Mastercard Send. With FPC membership, MetaBank aims to collaborate with industry leaders to drive faster payment solutions, catering to consumer demand. Research indicates that 47% of consumers prefer businesses offering faster payment options.
Meta Financial Group (Nasdaq: CASH) reported a net income of $18.2 million ($0.53 per diluted share) for Q3 2020, down from $29.3 million ($0.75 per diluted share) in Q3 2019. Total revenue decreased to $103.2 million, with net interest income declining to $62.1 million due to lower yields and participation in the Economic Impact Payment (EIP) program. Average deposits from payments divisions surged by nearly 131% to $6.32 billion, primarily driven by EIP programs. The company increased its allowance for loan losses amid ongoing economic uncertainty.
Meta Financial Group, Inc. (Nasdaq: CASH) announced that it will release its financial results for the third quarter of fiscal year 2020 on July 22, 2020, after market close. The company will host a conference call at 4:00 p.m. CT to discuss these results, accessible via Meta's Investor Relations website. Interested parties can join the live call by dialing in 10 minutes early. Meta Financial is known for its innovative financial solutions and is one of the largest issuers of prepaid cards in the U.S., having issued over a billion cards.
MetaBank, a subsidiary of Meta Financial Group, Inc. (Nasdaq: CASH), has promoted Brett Pharr to Co-President and Chief Operating Officer. This strategic decision aims to enhance business alignment and execution of initiatives. Pharr, who joined Meta in 2019, previously oversaw governance, risk, and compliance. He will now manage all business lines and strategic objectives, helping the company adapt as the economy reopens. Brad Hanson continues as Co-President and CEO. Anthony Sharett expands his role to lead risk and compliance.