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