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NASB Financial, Inc. Announces Financial Results

NASB Financial, Inc. (NASDAQ: NASB) announced today net income for the quarter ended March 31, 2010, of $3,219,000 or $0.41 per share. This compares to net income of $1,329,000 or $0.17 per share for the quarter ended December 31, 2009, and compares to net income of $4,731,000 or $0.60 per share for the quarter ended March 31, 2009.

Net income for the six months ended March 31, 2010, was $4,548,000 or $0.58 per share, compared to net income of $8,379,000 or $1.06 per share for the six months ended March 31, 2009.

The Company recorded a provision for loan losses of $14.0 million during the six months ended March 31, 2010. This compares to a provision for loan losses of $1.3 million during the six months ended March 31, 2009. Management analyzes the adequacy of the allowance for loan losses on a quarterly basis. The provision for loan losses can fluctuate based upon management's assessment of changes in economic conditions, the level of classified assets, and the amount of loan charge-offs and recoveries during the period.

NASB Financial, Inc. is a unitary thrift holding company for North American Savings Bank, F.S.B. (“North American” or the “Bank”). North American operates six offices in greater Kansas City, Missouri and others in Harrisonville, St. Joseph, and Excelsior Springs, Missouri. The Bank also has loan origination offices in Lee’s Summit and Springfield, Missouri as well as Overland Park, Kansas.

NASB Financial, Inc.

Financial Highlights
(Dollars in thousands, except per share data)
             
Three Months Ended Six Months Ended
3/31/10   12/31/09   3/31/09 3/31/10   3/31/09
EARNINGS DATA:
Net interest income $ 13,119 13,805 11,006 26,924 21,588
Provision for loan losses 5,000 9,000 1,000 14,000 1,250
Non-interest income 9,314 10,200 9,230 19,514 14,429
Non-interest expense 12,320 13,657 11,544 25,977 21,143
Income tax expense 1,894   19   2,961 1,913   5,245
Net income $ 3,219   1,329   4,731 4,548   8,379
 
FINANCIAL CONDITION DATA:
Total assets $ 1,460,275 1,527,170 1,549,748 1,460,275 1,549,748

Total loans and mortgage-backed and  related securities

1,322,236 1,381,240 1,408,702 1,322,236 1,408,702

Customer and brokered deposit  accounts

869,268 872,357 866,950 869,268 866,950
Stockholders' equity 165,986 164,852 157,689 165,986 157,689
 
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.10 20.95 20.04 21.10 20.04
Earnings per share 0.41 0.17 0.60 0.58 1.06
Cash dividends paid per share 0.225 0.225 0.225 0.45 0.45
 

Return on assets (annualized net income  Divided by total average assets)

0.86% 0.34% 1.23% 0.60% 1.09%

Return on equity (annualized net income  Divided by average stockholders' equity)

7.78% 3.21% 12.13% 5.47% 10.81%
 
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614




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