META FINANCIAL GROUP, INC. (NASDAQ:CASH) Files An 8-K Other EventsItem 8.01Other Events.
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). Based on its preliminary analysis of the Tax Act, including the reduction in the federal corporate income tax rate, Meta Financial Group, Inc. (the “Company”) estimates that it will incur an additional, non-recurring income tax expense of approximately $3.6 million for its first fiscal quarter ending December 31, 2017 from a reduction in the value of certain deferred tax assets as a result of the Tax Act. As the Company’s fiscal year end falls on September 30, the statutory federal corporate tax rate for fiscal 2018 will be prorated to 24.53%, with the statutory rate for 2019 and beyond at 21%. The Company currently anticipates an effective tax rate between 18% and 21% for the remaining 2018 fiscal quarters and an effective tax rate between 16% and 19% for fiscal 2019. The Company will continue to analyze the financial impact of the Tax Act.
Cautionary Note About Forward-Looking Statements
This Current Report on Form 8-K includes statements which may constitute forward-looking statements made to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding the impact on the Company of the Tax Act, including the expected additional income tax expense to be incurred in the Company’s fiscal quarter ending December 31, 2017, and the anticipated effective tax rate for the remaining 2018 fiscal quarters. The accuracy of these statements are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include the risk that Meta’s preliminary analysis of the impact of the Tax Act may be incorrect; additional changes in tax laws; and the factors discussed in the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. The Company expressly disclaims any intent or obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company or its subsidiaries.
About META FINANCIAL GROUP, INC. (NASDAQ:CASH)
Meta Financial Group, Inc. is a unitary savings and loan holding company. The Company operates through its banking subsidiary, MetaBank (the Bank). Its segments include Payments, Banking, and Corporate Services/Other. MetaBank is both a community-oriented financial institution offering a range of financial services to meet the needs of the communities it serves and a payments company providing services on a nationwide basis. It operates in both the banking and payments industries through MetaBank, its retail banking operation; Meta Payment Systems (MPS), its electronic payments division; AFS/IBEX Financial Services Inc. (AFS/IBEX), its insurance premium financing division, and Refund Advantage, EPS Financial, LLC (EPS) Financial and Specialty Consumer Services, its tax-related financial solutions divisions.