RADNOR, PA / ACCESSWIRE / August 22, 2023 / BM Technologies, Inc. (NYSE American:BMTX) ("BM Technologies", "BMTX", "we", or the "Company"), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, today reported results for the three and six months ended June 30, 2023.
Luvleen Sidhu, BMTX's Chair, CEO and Founder, stated, "We are pleased to have entered into an amendment of the Deposit Servicing Agreement with FCB that will allow us to initiate the process of transferring our Higher Education deposits from Customers Bank to FCB with targeted completion no later than the end of 2023. Had a Durbin-exempt bank partnership been in place during the second quarter, the interchange revenue for our Higher Education vertical would have been at least 50% higher on a gross basis."
Ms. Sidhu continued, "We view 2023 as a year of strengthening our foundation so we are well positioned for growth in 2024 and beyond. The addition of Raj Singh as Co-CEO has been valuable as he has focused his efforts on enhancing our systems, processes, and product offerings to further drive cost efficiencies and identify new revenue opportunities for the Company. We believe these efforts will continue to enhance the value of the Company. Additionally, we are actively exploring how to effectively use AI to improve our operations, risk management, fraud capabilities, and customer engagement. We are excited about our future and believe the foundation setting efforts we are making in 2023 will help propel our growth in 2024 and beyond."
Financial Highlights
- Operating revenues for the three and six months ended June 30, 2023 totaled $13.0 million, and $26.5 million, respectively.
- Q2 2023 net loss totaled $(4.5) million, or $(0.39) per diluted share, which includes a $0.6 million non-cash gain on the revaluation of the private warrant liability. Net loss for the six months ended June 30, 2023 totaled $(9.4) million or $(0.81) per diluted share which includes a $2.0 million non-cash gain on the revaluation of the private warrant liability.
- Q2 2023 Core EBITDA (Loss)1 totaled $(0.9) million. Core EBITDA (Loss)1 for the six months ended June 30, 2023 totaled $(2.8) million.
- Liquidity remained strong at June 30, 2023 with $11.5 million of cash, $9.5 million of working capital, and no debt. In addition, the Company anticipates monetizing approximately $4.5 million of tax receivables by the end of 2023.
[1] Metrics such as Core EBITDA (Loss) and Core earnings (loss) are Non-GAAP measures which exclude certain items from or add certain items to the comparable GAAP measure; a reconciliation appears on pages 8 and 9 of this release.
Operating Highlights
- Average serviced deposits totaled $922 million at June 30, 2023.
- Debit card spend totaled $658 million in Q2 2023 and $1.4 billion in the six months ended June 30, 2023.
- There were 108 thousand new account sign-ups in the second quarter 2023 and 213 thousand new account sign-ups in the first six months of 2023. In our Higher Education vertical, new checking account sign-ups in the second quarter improved 11% year over year.
- Q2 was the first full quarter under new and amended Deposit Processing Services Agreements ("DPSA") with Customers Bank that provide variable rate servicing fees with a 175-basis point increase in servicing fee margin on average serviced deposits as compared to the prior fixed rate structure.
Financial Summary Table
| Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||
(dollars in thousands) | 2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||||||
Interchange and card revenue | $ | 1,804 | $ | 3,079 | $ | 5,035 | $ | 5,325 | $ | 5,315 | ||||||||||
Servicing fees | 7,700 | 6,632 | 6,931 | 10,163 | 13,295 | |||||||||||||||
Account fees | 1,910 | 2,140 | 2,120 | 2,110 | 2,207 | |||||||||||||||
University fees | 1,373 | 1,506 | 1,328 | 1,357 | 1,446 | |||||||||||||||
Other revenue | 200 | 127 | 270 | 903 | 745 | |||||||||||||||
Total GAAP Operating Revenue | $ | 12,987 | $ | 13,484 | $ | 15,684 | $ | 19,858 | $ | 23,008 | ||||||||||
GAAP Operating Expense | $ | 18,028 | $ | 19,859 | $ | 23,254 | $ | 24,138 | $ | 23,377 | ||||||||||
Less: restructuring, merger and acquisition related expenses | (274 | ) | (719 | ) | - | - | (1 | ) | ||||||||||||
Less: share-based compensation expense | (723 | ) | (635 | ) | (2,641 | ) | (2,743 | ) | (3,053 | ) | ||||||||||
Less: depreciation and amortization | (3,138 | ) | (3,130 | ) | (3,004 | ) | (2,995 | ) | (2,991 | ) | ||||||||||
Total Core Operating Expense | $ | 13,893 | $ | 15,375 | $ | 17,609 | $ | 18,400 | $ | 17,332 | ||||||||||
Core EBITDA (Loss) | $ | (906 | ) | $ | (1,891 | ) | $ | (1,925 | ) | $ | 1,458 | $ | 5,676 | |||||||
Core EBITDA (Loss) Margin | (7 | )% | (14 | )% | (12 | )% | 7 | % | 25 | % | ||||||||||
Business Update
Partner Bank Transition
On August 20, 2023, the Company and FCB entered into an amendment to the FCB Deposit Servicing Agreement (the "FCB DPSA First Amendment"). The FCB DPSA First Amendment, among other things, and subject to certain closing conditions, enables the Company to accelerate the process of transferring our Higher Education deposits from Customers Bank to FCB with targeted completion no later than the end of 2023.
Higher Education Vertical
During the second quarter of 2023, the Company retained 98% of its Higher Education institutional customers and disbursed over $1.8 billion in refunds to students.
Although the second quarter typically is the slowest quarter for our Higher Education vertical given the seasonality of the business, new Higher Education checking account sign-ups in Q2 2023 increased by 11% year over year. In addition, we are seeing higher education student enrollment numbers rebound in the community college segment which is increasing application flow and customer acquisition opportunities.
Higher Education deposits and spend per 90-day active account at June 30, 2023 totaled $1,623 and $1,855, respectively.
BaaS Vertical
In the Company's BaaS vertical, our API platform design allows clients to consult and collaborate with BMTX as they create, implement, and execute their embedded finance vision. Our proprietary and flexible platform enables BMTX to go to market quickly, integrate with partners easily, and add features well ahead of our competition.
Annualized debit card spend for highly active BaaS users (those with both direct deposit and a minimum of five customer driven transactions per month) was $18,740, and the average deposit balance per account was $2,363 in Q2 2023. This very attractive cohort makes up approximately 22% of active accounts at June 30, 2023, as compared to 19% in the year-ago period.
BaaS average serviced deposits totaled $494 million at June 30, 2023. BaaS spend per 90-day active account at June 30, 2023 increased 16% year over year.
Profit Enhancement Plan
The Company continues to actively execute upon its PEP, with initiatives completed during the first half of 2023 that are expected to lead to the realization of over 60% of the targeted $15 million of cost savings for the full year 2023. The Company is confident it will achieve its full PEP target with potential continuation into the first half of 2024 as some of its cost reduction efforts are partially offset by investments in its technology, operational processes, and data initiatives. The full year 2023 charges to achieve the projected annual PEP savings are expected to range from $1 million to $2 million.
Growth Initiatives
The Company is investing in enhancing and unifying its technology platforms, strengthening its systems and processes, and preparing for new product and feature rollouts as it focuses on positioning the Company to grow in a dynamic market environment. Highlights of these current growth initiatives include:
- Acquired software technology from Envel, Inc. in June, which uses AI to automate elements of user's financial lives and supports our ‘customer for life' strategy.
- Partnering with Kard as an enhanced feature to deliver cash-back reward programs to customers and connect them with the brands they love.
- Launching a new student identity verification service, BMTX Identity Verification (IDV), where universities can control fraud vulnerabilities during student enrollment processes and choose risk level preferences.
The Company is confident that these investments will lead to incremental revenue opportunities, enhanced customer experiences, and continued value creation for our shareholders.
2023 Outlook
The Company's expectation is that the transfer of its Higher Education customer deposits from Customers Bank to FCB will be completed no later than the end of 2023.
For the second half of 2023, the Company expects to generate positive Core EBITDA1 and operating cash flow inclusive of the effect of the delayed transfer of our Higher Education customer deposits and the continued challenging economic and interest rate environment.
The Company will continue to provide updates to its 2023 outlook in its future earnings releases, particularly as it relates to business execution for the anticipated transfer of our Higher Education deposits from Customers Bank to FCB.
Earnings Webcast
The Company will host a conference call and webcast on Tuesday, August 22, 2023, at 5:00 pm ET to discuss its second quarter 2023 results. The webcast can be accessed via the Company's investor relations site (ir.bmtxinc.com) by clicking on "Events & Presentations", then "Events Calendar," and following the link under "Upcoming Events;" or directly at 2Q23 Webcast Link. A replay will be available following the call.
An updated version of BMTX's investor presentation will be posted on the Company's Investor Relations website at ir.bmtxinc.com.
Contact Information
Investors:
Jim Dullinger, Chief Financial Officer
BM Technologies, Inc.
[email protected]
Media Inquiries:
Brigit Hennaman
Rubenstein Public Relations, Inc.
[email protected]
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX) - formerly known as BankMobile - is among the largest Banking-as-a-Service (BaaS) providers in the country. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can be found at www.bmtx.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. In general, forward-looking statements may be identified through the use of words such as "anticipate," "estimate," "expect," "intend," "plan," will," "should," "plan," "continue," "potential" and "project" or the negative of these terms or other similar words and expressions, and in this press release, include the expected cost savings from the PEP, the expected margin improvement on deposit process services fees, and our 2023 Outlook. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. Such statements are based on Management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors.
These risks and uncertainties include, but are not limited to, general economic conditions, consumer adoption, technology and competition, continuing interest rate volatility, the ability to enter into new partnerships, regulatory risks, risks associated with the higher education industry and financing, and the operations and performance of the Company's partners, including bank partners and BasS partners. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings "CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS" and "Risk Factors" in the Company's Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission ("SEC"). The Company's SEC filings are available publicly on the SEC website at www.sec.gov .
Many of these factors are beyond the Company's ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and BMTX undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. BMTX qualifies all forward-looking statements by these cautionary statements.
UNAUDITED FINANCIAL STATEMENTS
BM TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - UNAUDITED
(amounts in thousands, except per share data)
| Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||||
Operating revenues: | ||||||||||||||||||||
Interchange and card revenue | $ | 1,804 | $ | 3,079 | $ | 5,035 | $ | 5,325 | $ | 5,315 | ||||||||||
Servicing fees | 7,700 | 6,632 | 6,931 | 10,163 | 13,295 | |||||||||||||||
Account fees | 1,910 | 2,140 | 2,120 | 2,110 | 2,207 | |||||||||||||||
University fees | 1,373 | 1,506 | 1,328 | 1,357 | 1,446 | |||||||||||||||
Other revenue | 200 | 127 | 270 | 903 | 745 | |||||||||||||||
Total operating revenues | 12,987 | 13,484 | 15,684 | 19,858 | 23,008 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Technology, communication, and processing | 6,364 | 7,218 | 7,230 | 7,731 | 7,297 | |||||||||||||||
Salaries and employee benefits | 6,139 | 6,425 | 9,231 | 10,773 | 10,440 | |||||||||||||||
Professional services | 2,338 | 2,640 | 3,501 | 2,454 | 2,420 | |||||||||||||||
Provision for operating losses | 1,813 | 1,677 | 1,793 | 1,564 | 1,839 | |||||||||||||||
Occupancy | 10 | 14 | 187 | 160 | 368 | |||||||||||||||
Customer related supplies | 222 | 228 | 218 | 225 | 221 | |||||||||||||||
Advertising and promotion | 125 | 118 | 302 | 242 | 84 | |||||||||||||||
Restructuring, merger and acquisition related expenses | 274 | 719 | - | - | 1 | |||||||||||||||
Other expense | 743 | 820 | 792 | 989 | 707 | |||||||||||||||
Total operating expenses | 18,028 | 19,859 | 23,254 | 24,138 | 23,377 | |||||||||||||||
(Loss) income from operations | (5,041 | ) | (6,375 | ) | (7,570 | ) | (4,280 | ) | (369 | ) | ||||||||||
Non-operating income and expense: | ||||||||||||||||||||
Gain (loss) on fair value of private warrant liability | 595 | 1,421 | 1,151 | (1,369 | ) | 5,640 | ||||||||||||||
(Loss) income before income tax expense | (4,446 | ) | (4,954 | ) | (6,419 | ) | (5,649 | ) | 5,271 | |||||||||||
Income tax expense (benefit) | 10 | 6 | (2,234 | ) | (729 | ) | 909 | |||||||||||||
Net (loss) income | $ | (4,456 | ) | $ | (4,960 | ) | $ | (4,185 | ) | $ | (4,920 | ) | $ | 4,362 | ||||||
Weighted average number of shares outstanding - basic | 11,563 | 11,602 | 11,942 | 11,940 | 11,944 | |||||||||||||||
Weighted average number of shares outstanding - diluted | 11,563 | 11,602 | 11,942 | 11,940 | 12,600 | |||||||||||||||
Basic (loss) earnings per common share | $ | (0.39 | ) | $ | (0.43 | ) | $ | (0.35 | ) | $ | (0.41 | ) | $ | 0.37 | ||||||
Diluted (loss) earnings per common share | $ | (0.39 | ) | $ | (0.43 | ) | $ | (0.35 | ) | $ | (0.41 | ) | $ | 0.35 | ||||||
BM TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(amounts in thousands)
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 11,524 | $ | 10,931 | $ | 21,108 | $ | 26,433 | $ | 32,484 | ||||||||||
Accounts receivable, net allowance for doubtful accounts | 7,083 | 7,144 | 8,260 | 8,614 | 7,081 | |||||||||||||||
Prepaid expenses and other assets | 10,742 | 10,465 | 9,076 | 6,951 | 3,627 | |||||||||||||||
Total current assets | 29,349 | 28,540 | 38,444 | 41,998 | 43,192 | |||||||||||||||
Premises and equipment, net | 531 | 530 | 508 | 575 | 441 | |||||||||||||||
Developed software, net | 19,759 | 20,631 | 22,324 | 24,025 | 25,997 | |||||||||||||||
Goodwill | 5,259 | 5,259 | 5,259 | 5,259 | 5,259 | |||||||||||||||
Other intangibles, net | 4,269 | 4,349 | 4,429 | 4,509 | 4,589 | |||||||||||||||
Other assets | - | - | 72 | - | 53 | |||||||||||||||
Total assets | $ | 59,167 | $ | 59,309 | $ | 71,036 | $ | 76,366 | $ | 79,531 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 11,624 | $ | 13,314 | $ | 12,684 | $ | 10,503 | $ | 8,681 | ||||||||||
Current portion of operating lease liabilities | - | - | - | - | 56 | |||||||||||||||
Deferred revenue, current | 8,209 | 2,653 | 6,647 | 11,262 | 15,323 | |||||||||||||||
Total current liabilities | 19,833 | 15,967 | 19,331 | 21,765 | 24,060 | |||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Deferred revenue, non-current | - | - | - | 2 | 64 | |||||||||||||||
Liability for private warrants | 811 | 1,406 | 2,847 | 3,997 | 2,628 | |||||||||||||||
Other non-current liabilities | 480 | - | - | - | - | |||||||||||||||
Total liabilities | $ | 21,124 | $ | 17,373 | $ | 22,178 | $ | 25,764 | $ | 26,752 | ||||||||||
Commitments and contingencies | ||||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||
Preferred stock | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Common stock | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Additional paid-in capital | 70,943 | 70,380 | 72,342 | 69,901 | 67,158 | |||||||||||||||
Accumulated deficit | (32,901 | ) | (28,445 | ) | (23,485 | ) | (19,300 | ) | (14,380 | ) | ||||||||||
Total shareholders' equity | $ | 38,043 | $ | 41,936 | $ | 48,858 | $ | 50,602 | $ | 52,779 | ||||||||||
Total liabilities and shareholders' equity | $ | 59,167 | $ | 59,309 | $ | 71,036 | $ | 76,366 | $ | 79,531 | ||||||||||
NON-GAAP FINANCIAL RECONCILIATIONS - UNAUDITED
Certain financial measures used in this Press Release are not defined by U.S. generally accepted accounting principles ("GAAP"), and as such, are considered non-GAAP financial measures. Core expenses and EBITDA exclude the effects of items the Company does not consider indicative of its core operating performance, including restructuring, merger and acquisition related expenses, fair value mark to market income or expense associated with certain warrants, and non-cash share-based compensation. Management believes the use of core revenues, expenses, and EBITDA are appropriate to provide investors with an additional tool to evaluate the Company's ongoing business performance. Investors are cautioned that these non-GAAP financial measures may not be defined in the same manner by other companies and, as a result, may not be comparable to other similarly titled measures used by other companies. Also, these non-GAAP financial measures should not be construed as alternatives, or superior, to other measures determined in accordance with GAAP.
Reconciliation - GAAP Operating Expenses to Core Operating Expenses (in thousands)
| Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||||
GAAP total expenses | $ | 18,028 | $ | 19,859 | $ | 23,254 | $ | 24,138 | $ | 23,377 | ||||||||||
Less: restructuring, merger and acquisition related expenses | (274 | ) | (719 | ) | - | - | (1 | ) | ||||||||||||
Less: share-based compensation expense | (723 | ) | (635 | ) | (2,641 | ) | (2,743 | ) | (3,053 | ) | ||||||||||
Core Operating Expenses inc Dep and Amort | $ | 17,031 | $ | 18,505 | $ | 20,613 | $ | 21,395 | $ | 20,323 | ||||||||||
Less: depreciation and amortization | 3,138 | 3,130 | 3,004 | 2,995 | 2,991 | |||||||||||||||
Core Operating Expenses ex. Dep and Amort | $ | 13,893 | $ | 15,375 | $ | 17,609 | $ | 18,400 | $ | 17,332 | ||||||||||
Reconciliation - GAAP Net (Loss) Income to Core Net (Loss) Income (in thousands, except per share data)
| Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||||
GAAP net (loss) income | $ | (4,456 | ) | $ | (4,960 | ) | $ | (4,185 | ) | $ | (4,920 | ) | $ | 4,362 | ||||||
Add: (gain) loss on fair value of private warrant liability | (595 | ) | (1,421 | ) | (1,151 | ) | 1,369 | (5,640 | ) | |||||||||||
Add: restructuring, merger and acquisition related expenses | 274 | 719 | - | - | 1 | |||||||||||||||
Add: share-based compensation expense | 723 | 635 | 2,641 | 2,743 | 3,053 | |||||||||||||||
Less: tax (@ actual ETR) on taxable non-core items | - | 1 | - | - | - | |||||||||||||||
Core net (loss) income | $ | (4,054 | ) | $ | (5,025 | ) | $ | (2,695 | ) | $ | (808 | ) | $ | 1,776 | ||||||
Core diluted shares | 11,563 | 11,602 | 11,942 | 11,940 | 12,600 | |||||||||||||||
Core diluted (loss) earnings per common share | $ | (0.35 | ) | $ | (0.43 | ) | $ | (0.23 | ) | $ | (0.07 | ) | $ | 0.14 | ||||||
GAAP diluted (loss) earnings per common share | $ | (0.39 | ) | $ | (0.43 | ) | $ | (0.35 | ) | $ | (0.41 | ) | $ | 0.35 | ||||||
Reconciliation - GAAP Net (Loss) Income to Core EBITDA (Loss) (in thousands)
| Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||||
GAAP net (loss) income | $ | (4,456 | ) | $ | (4,960 | ) | $ | (4,185 | ) | $ | (4,920 | ) | $ | 4,362 | ||||||
Add: (gain) loss on fair value of private warrant liability | (595 | ) | (1,421 | ) | (1,151 | ) | 1,369 | (5,640 | ) | |||||||||||
Add: depreciation and amortization | 3,138 | 3,130 | 3,004 | 2,995 | 2,991 | |||||||||||||||
Add: income tax expense (benefit) | 10 | 6 | (2,234 | ) | (729 | ) | 909 | |||||||||||||
Add: restructuring, merger and acquisition related expenses | 274 | 719 | - | - | 1 | |||||||||||||||
Add: share-based compensation expense | 723 | 635 | 2,641 | 2,743 | 3,053 | |||||||||||||||
Core EBITDA (Loss) | $ | (906 | ) | $ | (1,891 | ) | $ | (1,925 | ) | $ | 1,458 | $ | 5,676 | |||||||
Key Performance Metrics
| Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||||||||||
| 2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||||
Debit card POS spend ($ millions) | ||||||||||||||||||||
Higher education | $ | 490 | $ | 616 | $ | 517 | $ | 524 | $ | 524 | ||||||||||
BaaS | 168 | 171 | 162 | 158 | 158 | |||||||||||||||
Total POS spend | $ | 658 | $ | 787 | $ | 679 | $ | 683 | $ | 682 | ||||||||||
Serviced deposits ($ millions) | ||||||||||||||||||||
Higher education | $ | 408 | $ | 507 | $ | 369 | $ | 603 | $ | 444 | ||||||||||
BaaS | 439 | 575 | 765 | 967 | 1,349 | |||||||||||||||
Total Ending Deposits | $ | 848 | $ | 1,082 | $ | 1,134 | $ | 1,570 | $ | 1,793 | ||||||||||
Higher education | $ | 429 | $ | 524 | $ | 483 | $ | 482 | $ | 513 | ||||||||||
BaaS | 494 | 655 | 874 | 1,133 | 1,503 | |||||||||||||||
Total Average Deposits | $ | 922 | $ | 1,179 | $ | 1,357 | $ | 1,615 | $ | 2,016 | ||||||||||
Higher Education Metrics | ||||||||||||||||||||
Higher education retention | 98 | % | 98 | % | 98 | % | 99 | % | 99 | % | ||||||||||
FAR(1) disbursement amount ($B) | $ | 1.8 | $ | 4.0 | $ | 1.9 | $ | 3.4 | $ | 2.0 | ||||||||||
Organic deposits(2) ($M) | $ | 400 | $ | 485 | $ | 398 | $ | 410 | $ | 419 | ||||||||||
(1) FAR disbursements are Financial Aid Refund disbursements from a higher education institution.
(2) Organic Deposits are all deposits excluding any funds disbursed directly from the school.
SOURCE: BM Technologies