Meta Financial reports increase in earnings
Meta Financial Group Inc. reported net income for its 2012 fiscal second quarter of $10 million, or $3.10 per share, compared with $2.7 million, or 88 cents per share, for the year-ago period. For the six-month period ending March 31, net income was $13.1 million, or $4.09 per share, compared with $3.5 million, or $1.11 per share, for the prior year period. Excluding a gain on the sale of Ginnie Mae securities sold, year-to-date earnings were $5.9 million, or $1.89 per share. The bank holding company also reported that nonperforming assets dropped to 0.59 percent of total assets. Average deposits increased by $209.3 million, or 20 percent, from the prior-year second fiscal quarter.