Parent of North American Savings Bank reports smaller profit

05/09/2014 11:58 AM

05/09/2014 11:58 AM

NASB Financial Inc. on Friday reported lower profits for its fiscal second quarter and for the first half of its year.

The parent company of North American Savings Bank earned $6.2 million for the three months that ended March 31, down from net income of $11 million in the same quarter in 2013.

Through six months, NASB said it earned $8.2 million, down from $19.3 million for the year-earlier period.

NASB also reported non-interest income of $16.1 million for the six-month period, down from $35.5 million a year earlier. The company said the decrease was primarily the result of lower residential loan origination volume in its mortgage banking division.

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