META FINANCIAL GROUP INC. : Meta Financial Group, Inc. ® Reports 2011 Fiscal ...
Meta Financial Group reported net income for the 2011 fiscal fourth quarter of $2.2 million, or 70 cents per diluted share, compared to earnings of $2.5 million, or 74 cents per diluted share, for the prior year period. Core earnings were $3.5 million compared to $0.9 million in the same fiscal 2010 quarter. For purposes of this comparison, core earnings excludes from both periods the iAdvance, tax loan and tax refund programs which were discontinued in October 2010, payments related to previously disclosed OTS administrative actions related to the iAdvance program, as well as higher legal and consulting expenses incurred as a result of regulatory matters. Last, core earnings also excludes the settlement of a class action lawsuit.
Net income for the fiscal year ended September 30, 2011 was $4.6 million, or $1.49 per diluted share, compared to $12.4 million, or $4.11 per diluted share, for the prior year period. Core Earnings, as defined above and the calculation of which is shown in the table below, were $11.7 million compared to $2.2 million for the comparable period in fiscal 2010. MetaBank remains a well-capitalized institution under federal bank regulatory guidelines.
Management believes that a presentation of Core Earnings provides a meaningful comparison between periods by excluding certain earnings and expenses of the discontinued MPS product lines, settlement charges of related regulatory actions and settlement charges from the class action lawsuit expensed during the fiscal year ended September 30, 2011. Management has defined Core Earnings for MFG as Net Income per Generally Accepted Accounting Principles, adjusted for regulatory enforcement assessments, the goodwill write off, legal and consulting expenses related to OTS regulatory matters, the impact of discontinuing the iAdvance and tax products programs and lastly the impact of the class action settlement related to certificates of deposit.
President and Chief Executive Officer J. Tyler Haahr commented, "We are pleased to report profitable results for the fourth quarter and for the year ended September 30, 2011. Our net income for the year just ended was the second best in the history of our company. Moreover, the positive earnings were produced by both our MPS and Retail Bank segments, despite the adversity of a challenging economy, a significant monetary settlement of civil litigation and administrative enforcement matters as well as related costs, and the write down of goodwill. Despite a challenging economy, our asset quality levels continue to be substantially better than industry averages which is very gratifying and is further reflected in our lower loan loss provision expense level. Lastly, we continue to work with our new regulatory authority, the Office of the Comptroller of the Currency (OCC) to improve our operations and compliance functions, and we believe that we have made substantial progress," Haahr concluded.
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Card processing expense was $4.3 million lower as a result of the absence of the aforementioned iAdvance and certain income tax-related programs. Compensation expense was $7.3 million for the 2011 fourth quarter, improving $0.2 million, or 2%,
The obstacles range from higher down payments to heavy debt from credit cards and student loans. Even many of those who could afford to buy no longer see it as a wise investment. Prices have sunk 15 percent in three years.
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