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NASB Financial, Inc. Announces Financial Results

NASB Financial, Inc. (NASDAQ: NASB) announced today a net loss for the quarter ended June 30, 2010, of $460,000 or $(0.06) per share. This compares to net income of $3,219,000 or $0.41 per share for the quarter ended March 31, 2010, and compares to net income of $4,242,000 or $0.54 per share for the quarter ended June 30, 2009. The Company recorded a provision for loan losses of $11.5 million during the quarter ended June 30, 2010. This compares to a provision for loan losses of $5.0 million during the quarter ended March 31, 2010, and $4.0 million during the quarter ended June 30, 2009.

Net income for the nine months ended June 30, 2010, was $4,088,000 or $0.52 per share, compared to net income of $12,621,000 or $1.60 per share for the nine months ended June 30, 2009. The Company recorded a provision for loan losses of $25.5 million during the nine months ended June 30, 2010. This compares to a provision for loan losses of $5.25 million during the nine months ended June 30, 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   Nine Months Ended
6/30/10   3/31/10   6/30/09 6/30/10   6/30/09
EARNINGS DATA:      
Net interest income $ 13,930 13,119 12,188 40,854 33,776
Provision for loan losses 11,500 5,000 4,000 25,500 5,250
Non-interest income 11,522 9,314 12,742 31,036 27,171
Non-interest expense 14,909 12,320 14,032 40,886 35,175
Income tax expense (benefit) (497 )   1,894     2,656   1,416     7,901  
Net income (loss) $ (460 )   3,219     4,242   4,088     12,621  
 
FINANCIAL CONDITION DATA:
Total assets $ 1,415,928 1,460,275 1,615,130 1,415,928 1,615,130

Total loans and mortgage-backed and related securities
1,288,968 1,322,236 1,425,905 1,288,968 1,425,905

Customer and brokered deposit accounts
859,461 869,268 940,175 859,461 940,175
Stockholders' equity 165,321 165,986 161,937 165,321 161,937
 
FINANCIAL RATIOS AND PER SHARE DATA:
Book value per share $ 21.01 21.10 20.58 21.01 20.58
Earnings per share (0.06 ) 0.41 0.54 0.52 1.60
Cash dividends paid per share 0.00 0.225 0.225 0.45 0.675
 

Return on assets (annualized net income divided by total average assets)
(0.13 )% 0.86 %

1.07

%
0.37 %

 

1.07

%

Return on equity (annualized net income divided by average stockholders' equity)
(1.11 )% 7.78 % 10.62 % 3.29 %

 

10.71

%
 
Weighted average shares outstanding 7,867,614 7,867,614 7,867,614 7,867,614 7,867,614

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