Filed pursuant to Rule 424(b)(3) | |
Registration Statement Number 333-188535 | |
Prospectus Supplement Dated December 18, 2014 | |
To the Prospectus Dated June 7, 2013, as supplemented by the Prospectus Supplement dated December 17, 2014 |
META FINANCIAL GROUP, INC.
Up to $26,000,000
Common Stock
This prospectus supplement amends the prospectus supplement dated December 17, 2014 (the “Prospectus Supplement”). This prospectus supplement should be read together with the Prospectus Supplement and its accompanying prospectus dated June 7, 2013. Except as set forth below, the Prospectus Supplement and accompanying prospectus remain unchanged.
This prospectus supplement is being filed solely to amend and restate the information included under the heading “Summary of Selected Financial Data” on pages S-7 and S-8 of the Prospectus Supplement to correct an inadvertent error. Specifically, the “Income (loss) from continuing operations” for the year ended September 30, 2014 was incorrectly stated as $5,713,000, rather than $15,713,000. The “Summary of Selected Financial Data” section included in the Prospectus Supplement is hereby deleted in its entirety and replaced with the following:
SUMMARY OF SELECTED FINANCIAL DATA
The following tables show selected historical consolidated financial data for the Company as of and for each of the five years ended September 30, 2014, which has been derived from our audited consolidated financial statements. You should read this table together with the historical consolidated financial information contained in our consolidated financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” included in our Annual Report on Form 10-K for the year ended September 30, 2014, which has been filed with the SEC and is incorporated by reference into this prospectus supplement.
Selected Financial Data
Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
SELECTED FINANCIAL CONDITION DATA | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Total assets | $ | 2,054,031 | $ | 1,691,989 | $ | 1,648,898 | $ | 1,275,481 | $ | 1,029,766 | ||||||||||
Loans receivable, net | 493,007 | 380,428 | 326,981 | 314,410 | 366,045 | |||||||||||||||
Securities available for sale | 1,140,216 | 881,193 | 1,116,692 | 619,248 | 506,852 | |||||||||||||||
Securities held to maturity | 282,933 | 288,026 | - | - | - | |||||||||||||||
Goodwill and intangible assets | 2,588 | 2,339 | 2,035 | 1,315 | 2,663 | |||||||||||||||
Deposits | 1,366,541 | 1,315,283 | 1,379,794 | 1,141,620 | 897,454 | |||||||||||||||
Total borrowings | 497,721 | 216,456 | 47,710 | 29,365 | 41,214 | |||||||||||||||
Stockholders’ equity | 174,802 | 142,984 | 145,859 | 80,577 | 72,044 |
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
SELECTED OPERATIONS DATA | ||||||||||||||||||||
(Dollars in Thousands, Except Per Share Data) | ||||||||||||||||||||
Total interest income | $ | 48,660 | $ | 38,976 | $ | 37,297 | $ | 39,059 | $ | 39,083 | ||||||||||
Total interest expense | 2,398 | 2,954 | 3,563 | 4,747 | 5,993 | |||||||||||||||
Net interest income | 46,262 | 36,022 | 33,734 | 34,312 | 33,090 | |||||||||||||||
Provision for loan losses | 1,150 | - | 1,049 | 278 | 15,791 | |||||||||||||||
Net interest income after provision for loan losses | 45,112 | 36,022 | 32,685 | 34,034 | 17,299 | |||||||||||||||
Total non-interest income | 51,738 | 55,503 | 69,574 | 57,491 | 97,444 | |||||||||||||||
Total non-interest expense | 78,231 | 74,403 | 75,463 | 83,262 | 94,930 | |||||||||||||||
Income (loss) from continuing operations before income tax expense (benefit) | 18,619 | 17,122 | 26,796 | 8,263 | 19,813 | |||||||||||||||
Income tax expense (benefit) | 2,906 | 3,704 | 9,682 | 3,623 | 7,420 |
Year Ended September 30, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Income (loss) from continuing operations | 15,713 | 13,418 | 17,114 | 4,640 | 12,393 | |||||||||||||||
Income from discontinued operations, net of tax | - | - | - | - | - | |||||||||||||||
Net income (loss) | 15,713 | 13,418 | 17,114 | 4,640 | 12,393 | |||||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 2.57 | $ | 2.40 | $ | 4.94 | $ | 1.49 | $ | 4.23 | ||||||||||
Income from discontinued operations | - | - | - | - | - | |||||||||||||||
Net income (loss) | $ | 2.57 | $ | 2.40 | $ | 4.94 | $ | 1.49 | $ | 4.23 | ||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 2.53 | $ | 2.38 | $ | 4.92 | $ | 1.49 | $ | 4.11 | ||||||||||
Income from discontinued operations | - | - | - | |||||||||||||||||
Net income (loss) | $ | 2.53 | $ | 2.38 | $ | 4.92 | $ | 1.49 | $ | 4.11 | ||||||||||
SELECTED FINANCIAL RATIOS AND OTHER DATA | ||||||||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||
Return on average assets | 0.81 | % | 0.78 | % | 1.22 | % | 0.41 | % | 1.22 | % | ||||||||||
Return on average assets-continuing operations | 0.81 | % | 0.78 | % | 1.22 | % | 0.41 | % | 1.22 | % | ||||||||||
Return on average equity | 10.01 | % | 9.36 | % | 18.47 | % | 5.71 | % | 20.59 | % | ||||||||||
Return on average equity-continuing operations | 10.01 | % | 9.36 | % | 18.47 | % | 5.71 | % | 20.59 | % | ||||||||||
Net interest margin-continuing operations | 2.80 | % | 2.48 | % | 2.56 | % | 3.21 | % | 3.43 | % | ||||||||||
Operating expense to average assets-continuing operations | 4.06 | % | 4.35 | % | 5.39 | % | 7.33 | % | 9.36 | % | ||||||||||
QUALITY RATIOS-Continuing Operations | ||||||||||||||||||||
Non-performing assets to total assets at end of year | 0.05 | % | 0.05 | % | 0.16 | % | 1.24 | % | 0.94 | % | ||||||||||
Allowance for loan losses to non-performing loans | 547 | % | 568 | % | 219 | % | 53 | % | 63 | % | ||||||||||
CAPITAL RATIOS | ||||||||||||||||||||
Stockholders’ equity to total assets at end of period | 8.51 | % | 8.45 | % | 8.85 | % | 6.32 | % | 7.00 | % | ||||||||||
Average stockholders’ equity to average assets | 8.14 | % | 8.37 | % | 6.62 | % | 7.16 | % | 5.93 | % | ||||||||||
OTHER DATA | ||||||||||||||||||||
Book value per common share outstanding | $ | 28.33 | $ | 23.55 | $ | 26.79 | $ | 25.61 | $ | 23.15 | ||||||||||
Dividends declared per share | $ | 0.52 | $ | 0.52 | $ | 0.52 | $ | 0.52 | $ | 0.52 | ||||||||||
Number of full-service offices | 11 | 11 | 12 | 12 | 12 | |||||||||||||||
Common Shares Outstanding | 6,169,604 | 6,070,654 | 5,443,881 | 3,146,867 | 3,111,413 |
Investing in our common stock involves risks. Please carefully read “Risk Factors” beginning on page S-9 of the Prospectus Supplement, and all of the documents incorporated by reference in the Prospectus Supplement, including our Annual Report on Form 10-K for the year ended September 30, 2014 and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, for a discussion of certain factors that you should consider before making your investment decision.
Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
These securities are not deposits, savings accounts, or other obligations of a depository institution and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
The date of this prospectus supplement is December 18, 2014.