Pathward Financial, Inc. - CASH STOCK NEWS

GiftCards.com has expanded its digital gift card offerings in response to the increasing trend of online shopping, especially during the holiday season. New options include multi-store cards like Happy Cards, Giving Good, and Choice Cards, allowing recipients to choose from various retailers. A study shows 60% of consumers plan to shop online, with 52% likely purchasing more gift cards this year. The customizable egifts range from $25 to $500 with no fees or expiration dates, enabling easy online redemption.

Meta Financial Group (CASH) reported a net income of $13.2 million for the fourth quarter of 2020, down from $20.2 million year-over-year. For fiscal 2020, net income reached a record $104.7 million, representing an EPS of $2.94, an 18% increase from 2019. Average deposits surged 121% to $5.82 billion due to the Economic Impact Payment program. However, total gross loans and leases fell 9% to $3.31 billion from the previous year. Net interest margin decreased to 3.77%, reflecting excess cash from the EIP program and a lower interest rate environment.

Meta Financial Group (Nasdaq: CASH) will release its fourth quarter and fiscal year 2020 financial results on October 28, 2020, after market close. A conference call and earnings webcast will follow at 4:00 p.m. Central Time. Interested parties can access the live call by dialing (844) 461-9934. The results will be discussed in detail during the call, which is expected to provide insights into the company’s performance over the fiscal year. More information is available on Meta’s Investor Relations website.

Blackhawk Network has launched its Giving Good^™ Cards, enabling consumers to purchase gift cards that support charitable organizations. Each card, available nationwide, allows users to choose from popular brands, with values ranging from $20 to $500 and no fees. For each card purchased, 3% of its loaded value is donated to charities like Feeding America and Make-A-Wish. This initiative aims to meet the rising demand for charitable giving during the pandemic, with 70% of surveyed consumers interested in supporting those in need through gift cards.

MetaBank, a subsidiary of Meta Financial Group (CASH), announced the expansion of its faster payments platform by partnering with Finix and TabaPay. This enhancement aims to offer businesses multiple options for processing faster payments via Mastercard Send and Visa Direct. As part of its commitment to innovation, MetaBank aims to grow its faster payments solution across various disbursement categories. Research indicates that 66% of payment managers believe faster payments provide a competitive advantage, with potential savings of up to $6 per replaced check.

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.