Meta Financial Group, Inc. (NASDAQ:CASH) Q3 2020 Earnings Conference Call - Final Transcript
Jul 22, 2020 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the Meta Financial Group Fiscal Year 2020 Third Quarter Investor Conference Call. [Operator Instructions] Following the prepared remarks, we will conduct a question-and-answer session. [Operator Instructions]
I would now like to turn the conference call over to the Brittany Kelley Elsasser, Director of Investor Relations. Please go ahead.
Brittany Kelley Elsasser
Thank you, and welcome to the Meta Financial Group conference call and webcast where President and CEO, Brad Hanson; and Executive Vice President and CFO, Glen Herrick will discuss the results of our third fiscal quarter ended June 30, 2020. Also participating in the call is Brett Pharr, Co-President and COO of MetaBank. Before I turn the call over, we want to apologize in advance for any potential technical difficulties that we may encounter as we are in different locations and continue to work remotely during this time.
Additional information, including the earnings release and investor presentation may be found on our website at metafinancialgroup.com. As a reminder, our comments may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ. The company undertakes no obligation to update any forward-looking statements. Please refer to the cautionary language in the earnings release, investor presentation and in Meta's filings with the Securities and Exchange Commission, including our most recent filings for additional information, covering factors that could cause actual results to differ materially from the forward-looking statements.
Additionally, today we will be discussing certain non-GAAP financial measures on this conference call. References to non-GAAP measures are only provided to assist you in understanding Meta's results and performance trends. Reconciliations for such non-GAAP measures are included within the appendix of the investor presentation.
Now I will turn the call over to Brad Hanson.
Thank you, Brittany. It goes without saying that COVID-19 and various social awareness activities continue to impact the economy and psyche of our country. Through these times, I have watched with pride as my team successfully implemented our pandemic plan as part of our business continuity program protecting staff and enabling them to effectively serve our partners and customers while adapting to working from home. Engagement and productivity remain high as we continue our remote work schedules and contemplate various scenarios for safely allowing staff back into the office. This will likely include more flexible scheduling on an ongoing basis to allow for distancing and reduce the need for additional office space as we continue to grow.
The disciplined hard work of our people help us to earn $18.2 million or $0.53 per diluted share during the quarter compared to $0.75 in the prior year third quarter. The decline in EPS mostly reflected lower revenue as a result of last quarter sale of our Community Bank division, lower loan and lease balances, a decline in net interest margin given recent rate cuts, a higher provision for loan losses and reduce tax product in card fee income, partially offset by lower interest expense,