AABP EP Awards 728x90

MetaBank earnings hit by regulatory actions

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Meta Financial Group Inc. reported a net loss of $1 million for its third fiscal quarter, which ended June 30, due in large part to $5.2 million in charges to resolve regulatory actions. The Storm Lake-based bank holding company reported core earnings of $2.9 million for the quarter, compared with $3.5 million for the year-ago period. Non-performing assets were 1.5 percent of total assets compared to 0.9 percent on Sept. 30, 2010. MetaBank’s total risk-based capital ratio was 20 percent, compared with the 10 percent standard for a bank to be considered well-capitalized. MetaBank said it reached a consent order July 15 with the U.S. Office of Thrift Supervision regarding the operation of a line of credit program called iAdvance. MetaBank agreed to a $4.8 million remuneration plan under the agreement and a $400,000 civil penalty.