GRANDVIEW, Mo., Feb. 4, 2015 /PRNewswire/ — NASB Financial, Inc. (OTCQX: NASB) announced today net income for the quarter ended December 31, 2014, of $4,260,000 or $0.57 per share. This compares to net income of $3,913,000 or $0.50 per share for the quarter ended September 30, 2014, and compares to net income of $1,999,000 or $0.25 per share for the quarter ended December 31, 2013.
Included in non-interest income for the three months ended December 31, 2013, were reductions of $1.7 million for non-cash accounting adjustments to record residential loans held for sale at fair value and to record the fair value of outstanding loan commitments in accordance with Generally Accepted Accounting Principles (“GAAP”). Specifically, GAAP requires the Bank to recognize the changes in fair value of commitments to fund loans to borrowers. This created a substantial adverse non-cash fair value adjustment in the December 2013 quarter because market interest rates increased after commitments were made to borrowers. Management funded these commitments to borrowers and then received sales proceeds from investors at already committed prices subsequent to the December 2013 quarter.
NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. (“North American” or the “Bank”). As of December 31, 2014, the Bank’s tier 1 leverage ratio and total risk-based capital ratio were 15.8% and 23.8%, respectively.
North American operates six offices in greater Kansas City, Missouri and others in Harrisonville, St. Joseph, and Excelsior Springs, Missouri. The Bank, a nationwide residential mortgage lander, also has loan origination offices in Kansas City, Missouri.
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SOURCE NASB Financial, Inc.