Quarterly earnings at Meta Financial Group (CASH) in Sioux Falls, S.D., came in above analysts' estimates due to growth in revenue from loans and the company's payments system.
The $1.7 billion-asset company earned $3.7 million in the quarter ended June 30, a 54% increase from the same period in 2012, it announced Tuesday. Earnings per share were 67 cents, 18 cents above the average estimate of analysts polled by Bloomberg.
Net interest income rose 10%, to $9.2 million, as Meta's net interest margin increased by 12 basis points, to 2.52%. Average interest earning assets rose to $1.7 billion from $1.4 billion.
Noninterest income dipped to $13.6 million, $100,000 lower than the year-prior period, on lower gains on the sale of real estate. Noninterest expense remained steady, at $18 million.
Quarterly profit from Meta Payment Systems, the company's payments affiliate, rose 54%, to $2 million, on a 5% rise in revenue, to $16 million.
Meta suspended a stock offering last week after raising $13.6 million, it announced. The offering was intended to increase regulatory capital, it said.