Pulaski Financial Reports Hefty Increase in 3Q Mortgage Revenues

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Pulaski Financial Corp. (PULB) posted a 37 percent increase in the quarter ended June 30 because of a rise in mortgage revenues and decline in non-performing assets.

The banking company said net income rose to 20 cents per share compared to 11 cents per share in the same quarter a year before. Net income rose to $2.7 million up from $1.7 million in the same quarter last year.

Mortgage revenues increased 86 percent from the prior year quarter.

“We were very pleased with our third fiscal quarter results,” President and Chief Executive Officer Gary Douglass said. “Mortgage revenues jumped significantly as the result of increased sales volumes combined with our ongoing efforts to improve our gross selling prices and control our origination costs.”

Like other Missouri banking firms, the company’s non-performing assets decreased.

“We saw substantial linked-quarter growth in mortgage revenues as we continued to take advantage of the strong demand for mortgage loan refinancings that was driven by the low level of market interest rates,” Douglass said. More importantly, we saw a substantial increase in loans originated to finance home purchases as we were able to capitalize on the strong customer and realtor relationships our loan officers have continued to maintain within our markets.”

The company’s stock fell 0.81 percent during opening trading to $7.36 down from $7.42 at Tuesday’s close.

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