Parent of North American Savings Bank reports smaller profit

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.

This story was originally published May 9, 2014 at 11:57 AM with the headline "Parent of North American Savings Bank reports smaller profit."