OSKALOOSA, Iowa - Mahaska Investment Co., a $187 million-asset bank and thrift holding company in southern Iowa, said 1994 earnings declined to $2.78 million from $2.97 million in 1993.
Fourth-quarter earnings were $795,000, compared with $838,000 for the same period in 1993.
Net income per share for 1994 was $1.65, down from $2.01 in 1993. Net income per share for fourth-quarter 1994 was 35 cents versus 57 cents for the same period in 1993.
The lower 1994 earnings were due in part to start-up costs related to the acquisition of four thrift branches from the Resolution Trust Corp. and the company's organization of its new thrift subsidiary, Central Valley Bank, the company said. Earnings from these investments are experiencing the typical three- to six-month time lag, Mahaska said. In addition, the company completed its initial public offering in September 1994.
Return on assets for 1994 was 1.68%, versus 2.26% in 1993.