NASB Financial Inc. in Grandview, Mo., reported earnings of $3.2 million for the quarter that ended March 31, down 32% from a year earlier.
The $1.4 billion-asset company announced the earnings late Monday, saying its second-quarter results were driven by increased credit costs.
NASB's provision increased fivefold, to $5 million for the quarter. However, it reported improvement from the third quarter ended Dec. 31, during which credit costs totaled $9 million. The company reported earnings of $1.3 million in the third quarter.
In May, the company said in a release that it had yet to report its first- and second-quarter results.
It said it needed more time to determine whether it would take impairment charges on its $19 million investment in a land development company that was not meeting projections.
As of March 31 the thrift was well capitalized, with a leverage ratio of 11.5% and a total risk-based capital ratio of 14.9%.
