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Meta Financial Group picks up student loan portfolio

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Meta Financial Group picks up student loan portfolio

Meta Financial Group Inc. on Dec. 20, 2016, bought a portfolio of seasoned, floating rate, private student loans for $134.0 million, net of purchase discount.

The loans are indexed to three-month LIBOR, according to a Jan. 30 earnings release. The company expects to realize current net yields of over 5%, based on the purchase discount and projected prepayment rates.

The portfolio is serviced by ReliaMax Lending Services LLC and insured by ReliaMax Surety Co.

The Sioux Falls, S.D.-based company reported a 2016 fourth-quarter net income of $1.2 million, or 14 cents per share, lower than the $4.1 million, or 49 cents per share, recorded in the same period a year ago.