Attached files
| file | filename |
|---|---|
| 8-K/A - META FINANCIAL GROUP, INC 8-K/A 9-8-2015 - META FINANCIAL GROUP INC | form8ka.htm |
| EX-99.1 - EXHIBIT 99.1 - META FINANCIAL GROUP INC | ex99_1.htm |
| EX-99.3 - EXHIBIT 99.3 - META FINANCIAL GROUP INC | ex99_3.htm |
| EX-23.1 - EXHIBIT 23.1 - META FINANCIAL GROUP INC | ex23_1.htm |
Exhibit 99.2
FORT KNOX FINANCIAL SERVICES CORPORATION ("FORT KNOX")
CONSOLIDATED BALANCE SHEETS
As of June 30, 2015 and December 31, 2014
|
ASSETS
|
June 30, 2015
(Unaudited)
|
December 31, 2014
(Audited)
|
||||||
|
Cash
|
$
|
11,655,229
|
$
|
3,220,510
|
||||
|
Accounts receivable, net of allowance for doubtful accounts
|
290,556
|
4,885,030
|
||||||
|
Note receivable, related party
|
-
|
40,000
|
||||||
|
Property and equipment, net
|
158,482
|
88,195
|
||||||
|
Other assets
|
183,425
|
170,571
|
||||||
|
Total assets
|
$
|
12,287,692
|
$
|
8,404,306
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
LIABILITIES
|
||||||||
|
Accounts payable
|
$
|
838,575
|
$
|
110,113
|
||||
|
Escheatment funds
|
1,161,166
|
1,515,074
|
||||||
|
Other liabilities
|
11,808
|
7,513
|
||||||
|
Total liabilities
|
2,011,548
|
1,632,700
|
||||||
|
STOCKHOLDERS’ EQUITY
|
||||||||
|
Common stock
|
1,000
|
1,000
|
||||||
|
Retained earnings
|
10,275,144
|
6,770,606
|
||||||
|
Total stockholders’ equity
|
10,276,144
|
6,771,606
|
||||||
|
Total liabilities and stockholders’ equity
|
$
|
12,287,692
|
$
|
8,404,306
|
||||
1
FORT KNOX FINANCIAL SERVICES CORPORATION ("FORT KNOX")
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2015 AND 2014
|
Six Months Ended
June 30, 2015
|
Six Months Ended
June 30, 2014
|
|||||||
|
Interest expense
|
$
|
(18,663
|
)
|
$
|
(30,522
|
)
|
||
|
Net interest expense
|
(18,663
|
)
|
(30,522
|
)
|
||||
|
Tax Product Fee Income
|
22,940,263
|
20,073,229
|
||||||
|
Total non-interest income
|
22,940,263
|
20,073,229
|
||||||
|
Non-interest expense:
|
||||||||
|
Compensation and benefits
|
4,068,664
|
3,349,632
|
||||||
|
Tax product expense
|
9,102,046
|
9,100,373
|
||||||
|
Other expense
|
1,330,052
|
759,490
|
||||||
|
Total non-interest expense
|
14,500,761
|
13,209,495
|
||||||
|
Income before income tax expense
|
8,420,839
|
6,833,212
|
||||||
|
Income tax expense
|
-
|
-
|
||||||
|
Net income
|
$
|
8,420,839
|
$
|
6,833,212
|
||||
2
FORT KNOX FINANCIAL SERVICES CORPORATION ("FORT KNOX")
UNAUDITED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2015 AND 2014
|
Six Months Ended
June 30, 2015
|
Six Months Ended
June 30, 2014
|
|||||||
|
Net income
|
$
|
8,420,839
|
$
|
6,833,212
|
||||
|
Depreciation, amortization and accretion, net
|
30,342
|
21,879
|
||||||
|
Net change in accounts receivable
|
4,681,234
|
316,718
|
||||||
|
Net change in prepaid and other current assets
|
(59,695
|
)
|
62,129
|
|||||
|
Net change in other noncurrent assets
|
-
|
(2,000
|
)
|
|||||
|
Net change in accounts payable
|
728,462
|
(22,461
|
)
|
|||||
|
Net change in escheatment funds
|
(353,908
|
)
|
946,783
|
|||||
|
Net change in other liabilities
|
4,295
|
(14,423
|
)
|
|||||
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
13,451,570
|
8,141,837
|
||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
|
Purchase of premises and equipment
|
(100,550
|
)
|
(2,544
|
)
|
||||
|
NET CASH USED IN INVESTING ACTIVITIES
|
(100,550
|
)
|
(2,544
|
)
|
||||
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
Distribution to shareholders
|
(4,916,301
|
)
|
(3,827,791
|
)
|
||||
|
NET CASH USED IN FINANCING ACTIVITIES
|
(4,916,301
|
)
|
(3,827,791
|
)
|
||||
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
8,434,719
|
4,311,502
|
||||||
|
Cash and cash equivalents at beginning of year
|
3,220,510
|
5,359,043
|
||||||
|
Cash and cash equivalents at end of year
|
$
|
11,655,229
|
$
|
9,670,545
|
||||
3