Meta Financial Group Inc. of Storm Lake, Iowa, announced a loss of $3.25 million, or $1.30 a diluted share, for its fiscal first quarter, which ended Dec. 31.
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A year earlier $754.5 million-asset company reported net income of $515,000, or 21 cents per diluted share.
Meta issued its earnings report after the markets closed Wednesday. It also announced that it has agreed to sell four branches to the $69.2 million-asset Iowa State Bank in Sac City. The deal is expected to close by the end of March and result in a pretax gain of $3.4 million.
Meta attributed its quarterly loss to an increase in its loan-loss provisions, primarily as a result of two commercial loans.
