Meta Financial Group Inc. of Storm Lake, Iowa, announced a loss of $2.3 million for the three months that ended June 30.
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The $768 million-asset company, which reported income of $837,000 for the year-earlier period, blamed a $4.8 million increase in its provisions for loan losses to cover loans made by three affiliated automobile sales and servicing companies.
In the year-earlier period Meta's loan-loss provisions were only $168,000.
Meta had an additional $1 million of noninterest expenses in the period, its 2005 fiscal third quarter, because of its recent name change from First Federal Savings Bank of the Midwest. During the quarter it also started building two branches in Sioux Falls, S.D., that are scheduled to open by yearend.
