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SEGMENT INFORMATION | 3 Months Ended
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Dec. 31, 2014
SEGMENT INFORMATION [Abstract] |
SEGMENT INFORMATION |
NOTE 9. | SEGMENT INFORMATION
An operating segment is generally defined as a component of a business for which discrete financial information is available and whose results are reviewed by the chief operating decision-maker. Operating segments are aggregated into reportable segments if certain criteria are met. The Company has determined that it has two reportable segments. The first reportable segment, Retail Banking, a division of the Bank, operates as a traditional community bank providing deposit, loan and other related products to individuals and small businesses, primarily in the communities where its offices are located. The second reportable segment, MPS, is also a division of the Bank. MPS provides a number of products and services to financial institutions and other businesses. These products and services include issuance of prepaid debit cards, sponsorship of Automated Teller Machines (“ATMs”) into the debit networks, credit programs, Automated Clearing House (“ACH”) origination services, gift card programs, rebate programs, travel programs, and tax related programs. Other programs are in the process of development. The remaining grouping under the caption “All Others” consists of the operations of the Company and inter-segment eliminations as well as specialty lending. Transactions between affiliates, the resulting revenues of which are shown in the intersegment revenue category, are conducted at market prices, meaning prices that would be paid if the companies were not affiliates. The following tables present segment data for the Company for the three months ended December 31, 2014 and 2013, respectively.
|  | Retail Banking |  |  | Meta Payment Systems® |  |  | All Others |  |  | Total |
Three Months Ended December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 8,756 |  |  | $ | 4,889 |  |  | $ | 587 |  |  | $ | 14,232 |
Interest expense |  |  | 506 |  |  |  | 45 |  |  |  | 110 |  |  |  | 661 |
Net interest income (expense) |  |  | 8,250 |  |  |  | 4,844 |  |  |  | 477 |  |  |  | 13,571 |
Provision (recovery) for loan losses |  |  | - |  |  |  | - |  |  |  | 48 |  |  |  | 48 |
Non-interest income |  |  | (566 | ) |  |  | 13,052 |  |  |  | 188 |  |  |  | 12,674 |
Non-interest expense |  |  | 5,874 |  |  |  | 15,855 |  |  |  | 684 |  |  |  | 22,413 |
Income (loss) before income tax expense (benefit) |  |  | 1,810 |  |  |  | 2,041 |  |  |  | (67 | ) |  |  | 3,784 |
Income tax expense (benefit) |  |  | (93 | ) |  |  | 337 |  |  |  | (55 | ) |  |  | 189 |
Net income (loss) |  | $ | 1,903 |  |  | $ | 1,704 |  |  | $ | (12 | ) |  | $ | 3,595 |
Inter-segment revenue (expense) |  | $ | (3,896 | ) |  | $ | 3,896 |  |  | $ | - |  |  | $ | - |
Total assets |  |  | 308,613 |  |  |  | 1,706,134 |  |  |  | 93,315 |  |  |  | 2,108,063 |
Total deposits |  |  | 234,805 |  |  |  | 1,554,114 |  |  |  | (40 | ) |  |  | 1,788,879 |
Losses on sale of securities of $1.3 million were recorded on the Retail Bank, as retail deposits are the funding source for Company investments, thus driving the negative non-interest income and income tax benefit on the Retail Bank. Meta Financial sold securities to fund the loans purchased in the AFS/IBEX transaction.
|  | Retail Banking |  |  | Meta Payment Systems® |  |  | All Others |  |  | Total |
Three Months Ended December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 7,462 |  |  | $ | 3,700 |  |  | $ | - |  |  | $ | 11,162 |
Interest expense |  |  | 509 |  |  |  | 26 |  |  |  | 114 |  |  |  | 649 |
Net interest income (expense) |  |  | 6,953 |  |  |  | 3,674 |  |  |  | (114 | ) |  |  | 10,513 |
Provision (recovery) for loan losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-interest income |  |  | 750 |  |  |  | 12,837 |  |  |  | - |  |  |  | 13,587 |
Non-interest expense |  |  | 4,832 |  |  |  | 13,727 |  |  |  | 502 |  |  |  | 19,061 |
Income (loss) before income tax expense (benefit) |  |  | 2,871 |  |  |  | 2,784 |  |  |  | (616 | ) |  |  | 5,039 |
Income tax expense (benefit) |  |  | 616 |  |  |  | 639 |  |  |  | (218 | ) |  |  | 1,037 |
Net income (loss) |  | $ | 2,255 |  |  | $ | 2,145 |  |  | $ | (398 | ) |  | $ | 4,002 |
Inter-segment revenue (expense) |  | $ | 3,216 |  |  | $ | (3,216 | ) |  | $ | - |  |  | $ | - |
Total assets |  |  | 513,690 |  |  |  | 1,290,483 |  |  |  | 2,786 |  |  |  | 1,806,959 |
Total deposits |  |  | 238,422 |  |  |  | 1,150,964 |  |  |  | (8,252 | ) |  |  | 1,381,134 |
The following tables present gross profit data for MPS for the three months ended December 31, 2014 and 2013.
Three Months Ended December 31, |  | 2014 |  |  | 2013 |
Interest income |  | $ | 4,889 |  |  | $ | 3,700 |
Interest expense |  |  | 45 |  |  |  | 26 |
Net interest income |  |  | 4,844 |  |  |  | 3,674 |
Provision (recovery) for loan losses |  |  | - |  |  |  | - |
Non-interest income |  |  | 13,052 |  |  |  | 12,837 |
Card processing expense |  |  | 4,691 |  |  |  | 4,237 |
Gross Profit |  |  | 13,205 |  |  |  | 12,274 |
Other non-interest expense |  |  | 11,164 |  |  |  | 9,490 |
Income (loss) before income tax expense (benefit) |  |  | 2,041 |  |  |  | 2,784 |
Income tax expense (benefit) |  |  | 337 |  |  |  | 639 |
Net Income (Loss) |  | $ | 1,704 |  |  | $ | 2,145 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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