NASB Financial Inc. in Grandview, Mo., reported its fourth-quarter earnings Tuesday after delaying the announcement to complete an evaluation of its investment in a land development company.
The $1.53 billion-asset company earned $1.3 million in the fourth quarter, compared with $3.6 million a year earlier. NASB has a 50% ownership interest — about a $19 million investment — in a limited liability corporation formed to develop land for residential real estate sales. The company notified the Securities and Exchange Commission on May 17 that it had not filed its fourth-quarter or first-quarter earnings reports because it was reviewing the investment for possible impairment.
The company said Tuesday that it recorded a $2 million impairment charge on the investment in the fourth quarter. It also boosted its provision for loan losses to $9 million, from $6 million in the third quarter and $250,000 a year earlier.
NASB did not provide yearend results, nor did it indicate when it may file its first-quarter earnings report with the SEC.
The Nasdaq notified NASB on May 12 that it was not in compliance with listing rules, which require companies to file timely financial statements with the SEC. The company could face delisting.