CASH Meta Financial Group, Inc. Meta Financial Gr

CASH Meta Financial Group, Inc.

Meta Financial Group, Inc. operates as the holding company primarily for MetaBank that provides various financial services. The company has four market areas and the Meta Payment Systems (MPS) division: Northwest Iowa (NWI), Brookings, Central Iowa (CI), and Sioux Empire (SE). NWI operates two offices in Storm Lake, Iowa. Brookings operates one office in Brookings, South Dakota. CI operates a total of six offices in Iowa: Des Moines, West Des Moines and Urbandale. SE operates three offices and one administrative office in Sioux Falls, SD. MPS, which offers prepaid cards and other payment industry products and services nationwide, operates out of Sioux Falls, South Dakota and has an administrative office in Omaha, Nebraska. The company has a total of 12 full-service branch offices, and 1 non-retail service branch in Memphis, Tennessee. The company’s primary commercial banking market area includes the Iowa counties of Buena Vista, Dallas and Polk, and the South Dakota counties of Brookings, Lincoln, Minnehaha and Moody. Lending Activities The company originates fixed-rate residential mortgage loan originations in response to consumer demand. It originates commercial and multi-family real estate loans, agricultural related loans and commercial operating loans. The company also originates one-to-four family mortgage loans and consumer loans. It originates most of its loans in its primary market area. One- to Four-Family Residential Mortgage Lending: The company originates one- to four-family residential mortgage loans. It offers fixed-rate and adjustable-rate mortgage loans for both permanent structures and those under construction. The company’s one- to four-family residential mortgage originations are secured primarily by properties located in its primary market area and surrounding areas. The company offers 1, 3, 5, 7, and 10 year adjustable-rate mortgage loans. Due to consumer demand, the company also offers fixed-rate mortgage loans with terms up to 30 years, most of which conform to secondary market, such as Fannie Mae, Ginnie Mae, and Freddie Mac standards. Commercial and Multi-Family Real Estate Lending: The company engages in commercial and multi-family real estate lending in its primary market area and surrounding areas and, to supplement its loan portfolio, has purchased whole loan and participation interests in loans from other financial institutions. The company’s commercial and multi-family real estate loan portfolio is secured primarily by apartment buildings, office buildings, and hotels. Agricultural Lending: The company originates loans to finance the purchase of farmland, livestock, farm machinery and equipment, seed, fertilizer and other farm related products. Consumer Lending: The company originates various secured consumer loans, including home equity, home improvement, automobile, boat and loans secured by savings deposits. In addition, it offers other secured and unsecured consumer loans. The company primarily originates automobile loans on a direct basis. The company also originates commercial operating loans. Most of the company’s commercial operating loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. Commercial loans also consist of the extension of revolving credit for a combination of equipment acquisitions and working capital in expanding companies. Deposits The company offers various deposit accounts having a range of interest rates and terms. The company’s deposits consist of statement savings accounts, money market savings accounts, NOW and regular checking accounts, deposits related to prepaid cards primarily categorized as checking accounts, and certificate accounts ranging in terms from 14 days to 60 days. MPS Division The company, through the MPS division of its bank subsidiary, focuses on the electronic payments industry and offers a complement of prepaid cards, consumer credit products, and other payment industry related products and services that are marketed to consumers through financial institutions and other commercial entities. The products and services offered by MPS are generally designed to facilitate the processing and settlement of authorized electronic transactions involving the movement of funds. The company offers specific product solutions in various areas, including prepaid cards, consumer credit products, and automated teller machine sponsorship. Its products and services generally target banks, card processors and third parties who market and distribute the cards. Prepaid Cards: Prepaid cards take the form of credit card-sized plastics embedded with a magnetic stripe which encodes relevant card data (which may or may not include information about the user and/or purchaser of such card). This segment of MPS’ business can generally be divided into three categories, such as reloadable cards, non-reloadable cards, and benefit/insurance cards. Reloadable Cards: The common reloadable prepaid card programs are payroll cards, whereby an employee’s payroll is loaded to the card by their employer utilizing direct deposit. General Purpose Reloadable cards, whereby cards are usually distributed by retailers and can be reloaded an indefinite number of times at participating retail load networks. Reloadable cards are generally open loop cards that consumers can use to obtain cash at automated teller machines or purchase goods and services wherever such cards are accepted for payment. Non-Reloadable Cards: Non-reloadable prepaid cards are referred to as disposable and may only be used until the relevant funds initially loaded to the card have been exhausted. These include gift cards, rebate cards, and promotional or incentive cards. Benefit/Insurance Cards: Benefit/insurance cards are used by employers and commercial companies (such as property insurers) to distribute benefits to persons entitled to such funds. Consumer Credit Products: MPS offers consumers payment products, including credit products. Automated Teller Machine Sponsorship: MPS sponsors financial institutions into various networks to enable them to issue network-branded debit cards and accept cards issued by other financial institutions at their automated teller machine terminals. The division also sponsors automated teller machine independent sales organizations into various networks and provides associated sponsorships of encryption support organizations and third party processors in support of the financial institutions and the automated teller machine independent sales organizations sponsorships. Investment Securities As of September 30, 2012, the company’s investment portfolio included trust preferred and corporate securities; asset backed securities; agency securities; Small Business Administration securities; obligations of states and political subdivisions; non-bank qualified obligations of states and political subdivisions; and mortgage-backed securities. Regulation The company is regulated as a savings and loan holding company by the Board of Governors of the Federal Reserve System (the Federal Reserve). As a savings and loan holding company, the company is required to file reports with, and otherwise comply with, the rules and regulations of the Federal Reserve and of the Securities and Exchange Commission under federal securities laws. The bank is a federally chartered thrift institution that is subject to broad federal regulation and oversight extending to all of its operations by the Office of the Comptroller of the Currency, its primary federal regulator, and by the Federal Deposit Insurance Corporation as deposit insurer. The bank is also subject to various other regulations with respect to its business operations, including the Truth in Lending Act, the Truth in Savings Act, the Equal Credit Opportunity Act, the Electronic Funds Transfer Act, the Fair Housing Act, the Home Mortgage Disclosure Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act. History Meta Financial Group, Inc. was founded in 1993.

The Zacks Analyst Blog Highlights: Fifth Third Bancorp, Vantiv, Meta Financial Group, Flagstar Bancorp and Navistar International

CHICAGO, March 22, 2013 /PRNewswire via COMTEX/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Fifth Third Bancorp (Nasdaq:FITB), Vantiv, Inc. (NYSE:VNTV), Meta Financial Group, Inc. (Nasdaq:CASH), Flagstar Bancorp Inc. (NYSE:FBC) and Navistar International Corporation (NYSE:NAV).

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Here are highlights from Thursday's Analyst Blog:

Fifth Third Hikes Dividend

According to its capital plan under the 2012 Comprehensive Capital Analysis & Review (CCAR), Fifth Third Bancorp (Nasdaq:FITB) increased its dividend by 10% to 11 cents. The increased dividend will be paid on Apr 18, 2013 to shareholders of record as of Mar 29.

Further, following the approval of its capital plan under the 2013 CCAR, the company has proposed another dividend hike of 9% to 12 cents per share, which is subject to the approval of the board of directors. The increase may take place anytime between the second quarter of 2013 and the first quarter of 2014.

The company also announced a new share repurchase authorization of up to 100 million shares, replacing the previous authorization in 2012. The previous authorization had roughly 54 million shares outstanding.

Fifth Third's capital plan for 2013 included potential share repurchases worth up to $984 million through the first quarter of 2014, along with additional incremental repurchases with any after-tax gains from the sale of Vantiv, Inc. (NYSE:VNTV).

The approval for the dividend hike justifies Fifth Third's capital strength and will enhance investors' confidence in the stock. This move represents fourth dividend increase post the dividend cuts made by Fifth Third during the financial crisis. The company had drastically slashed its dividend to 15 cents per share from 44 cents in June 2008 and further lowered it to a penny in December that year.

However, in March last year, the company raised it to 6 cents and again advanced it to 8 cents in September. Later, in October, the company upped it to 10 cents.

Going forward, Fifth Third remains well positioned to benefit from a recovering economy due to a diversified traditional banking platform. Its diverse revenue mix, improved credit quality and strong capital position serve as positive catalyst for the stock. However, the sluggish macro environment and stringent regulations are causes of concern.

Fifth Third currently carries a Zacks Rank #2 (Buy). Other banking stocks that are performing better than Fifth Third include Meta Financial Group, Inc. (Nasdaq:CASH) and Flagstar Bancorp Inc. (NYSE:FBC). Both the stocks carry a Zacks Rank #1 (Strong Buy).

Navistar Amends Billion-Dollar Loan

Navistar International Corporation (NYSE:NAV) announced the amendment of its $1 billion senior secured term loan facility. Under the amendment, maturity date was extended from Jul 16, 2014 to Aug 17, 2017 and it is expected to include an interest rate repricing.

On Aug 2012, Navistar, had borrowed an aggregate principal amount of $1 billion under the Term Loan Credit Facility. The proceeds from this loan were used to repay all borrowings under Navistar's existing Asset-Based Credit Facility.

Navistar also intended to use the term loan for supporting the adoption of after-treatment solution, which will accelerate delivery of the company's next-generation clean engine solution. The facility will also support the market transition plan for Class 8 engines, thus providing financial flexibility to the company.

However, the company's interest expenses had increased due to this additional borrowing. Interest expenses increased $13 million in the first quarter of fiscal 2013 due to the additional term loan facility.

Apart from the amendment, Navistar also announced that it is planning to offer $300 million of unsecured debt. The proceeds from this debt will be used to repay some amount of the term loan.

Warrenville, Ill-based Navistar International manufactures and sells commercial trucks, mid-range diesel engines, buses, military vehicles and chassis for motor homes and step-vans. It also provides service parts for various trucks and trailers. Currently, the company retains a Zacks Rank #3 (Hold) on its stock.

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As of Monday, 03-18-2013 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated an UPTREND on 01-25-2012 for CASH @ $17.60.

As of Monday, 03-18-2013 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-30-2012 for FBC @ $0.76.

As of Monday, 03-18-2013 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated a DOWNTREND on 04-09-2012 for NAV @ $37.82.

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KEYWORD:          Illinois
INDUSTRY KEYWORD: FIN
SUBJECT CODE:     INO