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Meta Financial Group reports big upswing in 1st quarter profits

Meta Financial Group of Storm Lake, parent of MetaBank, reported a $3.1 million profit in its fiscal first quarter, more than four times what it earned in the same period a year ago.

The number reflects a reversal of fortunes in the company’s traditional banking segment, which lost $700,000 in the same quarter a year ago, but earned $1.3 million this fiscal first quarter, which ended Dec. 31. The segment’s performance a year ago was hurt when the bank was forced to write off $1.5 million in goodwill.

The bank’s Meta Payment Systems division also saw improvement, posting a $1.9 million profit, a 22 percent gain over the same quarter a year ago. That division was hobbled in 2010 when regulators at the now-defunct Office of Thrift Supervision told Meta to stop making short-term payday and tax-refund loans to customers with prepaid debit cards. The company said it ended some third party programs and made the segment more efficient.

“We are pleased to begin fiscal 2012 with continued profitability for both our Traditional Retail Bank and Meta Payment Systems segments, well ahead of the pace set last year,” said J. Tyler Haahr, president and CEO.

The bank reported it has sold $299 million in U.S. Government National Mortgage Association (Ginnie Mae) securities. That resulted in a gain of $11.5 million, a strengthened capital position and higher share value.

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