CASHMEDIUM SIGNALFINANCIAL10-K

Meta Bank significantly expanded its lending portfolio while substantially reducing credit loss provisions, indicating improved asset quality and growth momentum.

The bank grew its core lending business to represent 64% of total assets versus 53% previously, while simultaneously cutting credit loss provisions by nearly half, suggesting both successful loan origination and improving credit quality. The reduction in outstanding shares from 24.1M to 22.3M indicates meaningful capital return to shareholders through buybacks.

Comparing 2025-11-25 vs 2024-11-26View on EDGAR →
FINANCIAL ANALYSIS

Meta Bank delivered solid operating performance with revenue growing 11.3% to $840M and net income advancing 10.4% to $186M. The provision for credit losses declined meaningfully from $49.8M to $28.5M, reflecting improved asset quality despite expanded lending activities. Cash levels decreased modestly to $121M as the bank appears to have deployed capital into higher-yielding loan growth and shareholder returns.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
-42.7%
$49.8M→$28.5M

Provisions reduced 42.7% — improving credit quality or reserve release boosting reported earnings.

Cash & Equivalents
Balance Sheet
-23.9%
$158.3M→$120.6M

Cash decreased 23.9% — monitor burn rate and upcoming capital needs.

Revenue
P&L
+11.3%
$754.7M→$839.9M

Revenue growing 11.3% — solid top-line momentum, watch margins for quality of growth.

Net Income
P&L
+10.4%
$168.4M→$185.9M

Net income grew 10.4% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-11-26
ADDED
As of November 19, 2025, there were 22,339,006 shares of the Registrant s common stock outstanding.
At September 30, 2025, the Company s loans and leases receivable, net of allowance for credit losses, totaled $4.61 billion, or 64% of the Company s total assets, as compared to $4.00 billion, or 53%, at September 30, 2024.
Loan and lease applications are initially considered and approved at various levels of authority, depending on the type and amount of the loan or lease as directed by the Bank's lending policies.
The Company had 24 other lending relationships in excess of $28.3 million as of September 30, 2025.
While terms generally range from five months to 14 years, the weighted average life of these loans is approximately 46 months.
Equipment finance makes up 25% of the term lending total as of September 30, 2025.
The remaining 15% are a variety of other general purpose commercial loans.
Credit risk is managed through advance rates appropriate for the collateral (generally, advance rates on accounts receivable range from 80% to 90% and inventory advance rates do not exceed 65%).
As of September 30, 2025, the Company was servicing $782.1 million of SBA/USDA loans and $209.4 million of term lending loans.
The Company may sell the guaranteed portion of its SBA 7(a) loans and USDA program loans in the secondary market.
REMOVED
As of November 20, 2024, there were 24,119,508 shares of the Registrant s common stock outstanding.
Insurance premium finance is short-term financing to facilitate the purchase of property, casualty, and liability insurance premiums.
At September 30, 2024, the Company s loans and leases receivable, net of allowance for credit losses, totaled $4.03 billion, or 53% of the Company s total assets, as compared to $4.32 billion, or 57%, at September 30, 2023.
At September 30, 2024, the Company s largest lending relationship to a single borrower or group of related borrowers totaled $119.6 million.
The Company had 24 other lending relationships in excess of $22.5 million as of September 30, 2024.
While terms range from three years to 12 years, the weighted average life of these loans is approximately 59 months.
Equipment finance agreements make up 39% of the term lending total as of September 30, 2024.
The remaining 20% are a variety of other general purpose commercial loans.
Credit risk is managed through advance rates appropriate for the collateral (generally, advance rates on accounts receivable ranges from 80% to 90% and inventory advance rates range from 40% to 60%).
In certain cases, inventory advances are supported by the third party independent appraisals.
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