Shares of NASB Financial Inc. rose more than 6% Wednesday after the Grandview, Mo., thrift company said it earned $4.9 million in the quarter that ended Dec. 31, compared to a loss of $3 million in the the same period in 2010.
The results were driven primarily by improved asset quality. The $1.2 billion-asset parent of North American Savings Bank said it set aside $2.5 million for loan losses, or $8 million less than it provisioned in the same quarter in 2010. The company was forced to
Though its total loans declined by more than 13% year over year, net interest income rose 8.3% due in large part to lower funding costs. Its noninterest expense declined by 14% year over year, to $14.1 million.
The company also said that income from fees rose by more than 16%, to $10.5 million.
NASB's shares climbed as high as $13.57 Wednesday before closing at $13.26.