AABP Award 728x90

Goodwill charge hurts MetaBank earnings


The Storm Lake-based parent company of MetaBank said today that a $1.5 million goodwill charge cut earnings for the first quarter of fiscal 2011 to $700,000, compared with earnings of $1.2 million in the first quarter of 2010. Meta Financial Group Inc. said earnings from banking operations were $0.8 million for the 2011 quarter, which ended Dec. 31, 2010, compared with $0.5 million for 2010. Non-performing assets were 1.04 percent of total assets, improved from 1.65 percent on Dec. 31, 2009, and are below industry average levels of more than 3 percent. MetaBank’s total risk-based capital ratio rose to 19.7 percent and remains well above the 10 percent requirement for a “well-capitalized” bank.  Its Tier 1 core capital ratio was 6.8 percent, compared with the industry’s standard of 5 percent as a benchmark of being well-capitalized.

jca brd 120122 300x250