GRANDVIEW, Mo., Feb. 8, 2017 /PRNewswire/ -- NASB Financial, Inc. (OTCQX: NASB) announced today net income for the quarter ended December 31, 2016, of $10,462,000 or $1.41 per share. This compares to net income of $8,028,000 or $1.08 per share for the quarter ended September 30, 2016, and compares to net income of $5,769,000 or $0.78 per share for the quarter ended December 31, 2015.
The improved earnings for the current quarter, as compared to the quarter ended September 30, 2016, were primarily attributable to higher non-interest income resulting from a higher volume of mortgage loans sold during the quarter combined with improvements in the margin on such loans, due to favorable market conditions. In addition, interest income increased due to growth in the average balance of loans held for investment. Non-interest expense decreased during the current quarter as mortgage origination costs declined in line with reduced loan origination volumes in the Company's mortgage banking division. In addition, non-interest expense for the quarter ended September 30, 2016, included non-recurring costs associated with the Company's acquisition of Lexington B&L Financial Corp, which was completed on July 12, 2016, and resulted in an increase in total assets of $123 million.